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A sum of $1000 is invested at a compound interest rate of 5% per annum. What wil

Practice Questions

Q1
A sum of $1000 is invested at a compound interest rate of 5% per annum. What will be the amount after 4 years?
  1. $1200
  2. $1215.51
  3. $1250
  4. $1300

Questions & Step-by-Step Solutions

A sum of $1000 is invested at a compound interest rate of 5% per annum. What will be the amount after 4 years?
  • Compound Interest – Understanding how compound interest works, including the formula used to calculate the total amount after a certain period.
  • Exponents – Applying exponentiation in the context of compound interest calculations.
  • Percentage Calculations – Converting the interest rate from a percentage to a decimal for calculations.
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