What is the compound interest earned on 1000 at... - JSS3 Mathematics Whole Numbers II Question
What is the compound interest earned on $1000 at an annual interest rate of 5%, compounded annually for 2 years?
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𝐴=1000(1+0.05/1)1×2
=1000×1.1025
=1102.50.
The compound interest earned is 1102.50−1000=102.50 dollars.
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