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Popular Word Problems >

What would be the compound interest obtained on an amount of 4800 at a rate of 5% per year for 3 years

Solution

Wha t w o u l d b e t h e co m p o u n d in t eres t o b t ain e d o n an am o u n t o f 4800 a t a r a t e o f 5% p er ye a r f or 3 ye a rs

Solution

Principal : 4146.42

Solution steps

Translate the problem into an equation:

4800 = P (1 + \frac{0.05}{1})^{1 \cdot 3}

Solve for

P, 4800 = P (1 + \frac{0.05}{1})^{1 \cdot 3} : P = 4146.42

Principal : 4146.42

Popular Examples

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