Find the compound interest on N731 .76 in 4 years at 5½% per annum. Calculate to 2dp?

Marvelous_1

3 years ago

i) I=PRT100

I=£(1560−1500)=£60

60=1500×R×1100

60=15R⟹R=4

(ii) Interest for the second year

= 1560×4×1100

= £62.40

Sciencemania

3 years ago

A=p(1+r/100)^n
A=731•76(1+10•5/100)^2
A=731•76(1.221025)
A=893•5
C•I=p+A
C•I=731•76+893•5
C•I=1624•81