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A sum of $800 is invested at a compound interest rate of 5% per annum. What will
Practice Questions
Q1
A sum of $800 is invested at a compound interest rate of 5% per annum. What will be the amount after 2 years?
$882
$840
$900
$850
Questions & Step-by-Step Solutions
A sum of $800 is invested at a compound interest rate of 5% per annum. What will be the amount after 2 years?
Steps
Concepts
Compound Interest
– Understanding how compound interest works, including the formula for calculating the future value of an investment.
Exponents
– Applying exponent rules in the context of compound interest calculations.
Percentage Calculations
– Converting percentage rates into decimal form for calculations.
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