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Popular Word Problems >

What would be the compound interest on an amount of \$17500 at a rate of 12% per annum after 2 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 n an am o u n t o f $17500 a t a r a t e o f 12% p er ann u m a f t er 2 ye a rs ?

Solution

Principal : 13950.89

Solution steps

Translate the problem into an equation:

17500 = P (1 + \frac{0.12}{1})^{1 \cdot 2}

Solve for

P, 17500 = P (1 + \frac{0.12}{1})^{1 \cdot 2} : P = 13950.89

Principal : 13950.89

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