Register

2705 is compound annually at a rate of 8% for 1 year

2705 is compound annually at a rate of 8% for 1 year
asked 131k views
2 votes
2705 is compound annually at a rate of 8% for 1 year

asked
User Eugeny Okulik
by
8.3k points

1 Answer

3 votes

The formula of compound interest is,


\begin{gathered} A=P(1+i)^n \\ \text{Here, A=2075, i=8\%, n=1 year} \\ 2075=P(1+(8)/(100))^1 \\ P=1921.3 \end{gathered}

answered
User Rajiv Makhijani
by
8.7k points
← Prev Question Next Question →

Related questions

User Robert Kusznier
asked Nov 3, 2024 100.0k views
What is .2705 rounded to the nearest integer?
Robert Kusznier asked Nov 3, 2024
by Robert Kusznier
7.8k points
1 answer
2 votes
100.0k views
Ask a Question
Welcome to Qamnty — a place to ask, share, and grow together. Join our community and get real answers from real people.

Categories

Other Questions

How do you can you solve this problem 37 + y = 87; y =
What is .725 as a fraction
How do you estimate of 4 5/8 X 1/3
Link Copied!