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Use the compound interest formula to find the amount of interest earned on each investment if the interest is compounded anually. $12000 at 6.3% p.a. for 4 years

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Use the compound interest formula to find the amount of interest earned on each investment if the interest is compounded anually.

$12000 at 6.3% p.a. for 4 years

Answered Same Day Dec 23, 2021

Solution

David answered on Dec 23 2021
133 Votes
Question: Use the compound interest formula to find the amount of interest earned on each investment if the interest is compounded annually.
$12000 at 6.3% p.a. for 4 years
Solution:
Given
Principal P = 12,000
Rate of Interest I = 6.3% p.a.
Time Period T = 4 Years
To Find
Amount &...
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