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calculate the compound interest on an investment of R6500 at 7,5% per annum invested for 3 years​

Sagot :

Answer:

Compound interest = Rs 1,575 (Approx.)

Step-by-step explanation:

Given:

Amount invested = R.s 6,500

Rate of interest = 7.5% per annum

Number of year = 3 year

Find:

Amount of compound interest

Computation:

Compound interest = P[(1+r)ⁿ - 1]

Compound interest = 6500[(1+7.5%)³ - 1]

Compound interest = 6500[(1+0.075)³ - 1]

Compound interest = 6500[(1.075)³ - 1]

Compound interest = 6500[1.2423 - 1]

Compound interest = 6500[0.2423]

Compound interest = 1574.95

Compound interest = Rs 1,575 (Approx.)

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