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If a sum of money is invested at a compound interest rate of 12% per annum, how
Practice Questions
Q1
If a sum of money is invested at a compound interest rate of 12% per annum, how much will it grow in 2 years if the principal is $1500?
$1680
$1690
$1700
$1710
Questions & Step-by-Step Solutions
If a sum of money is invested at a compound interest rate of 12% per annum, how much will it grow in 2 years if the principal is $1500?
Steps
Concepts
Compound Interest
– Understanding how compound interest works, including the formula for calculating the total amount after a certain number of years.
Mathematical Operations
– Performing exponentiation and multiplication accurately to find the final amount.
Percentage Calculation
– Converting the interest rate from a percentage to a decimal for calculations.
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