achitchins achitchins
  • 03-04-2020
  • Mathematics
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2000 is placed into a bank account that pays 3% compound interest per year

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lavanyaande
lavanyaande lavanyaande
  • 03-04-2020

The compound interest on 2000 is 60.

Step-by-step explanation:

Given,

Principal (P) = 2000

Rate of interest (r) = 3%

Time (T) = 1 years

To find the interest calculated compound in 1 year.

Formula

Amount = P[tex](1+\frac{r}{100} )^{T}[/tex]

Putting the given values we get,

Amount = 2000[tex](1+\frac{3}{100} )^{1}[/tex]

= 2060

So,

The interest = 2060-2000 = 60

Answer Link

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