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math

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an investor is considering investing £5000 over five years in a scheme which offers compound interest of 3.4% compounded annually. what is the total interest paid.

  • math - ,

    Total after 5 years will be

    total= 5000(1+0.034)^5 =5909.80

    Hence interest paid will be 909.80 Pounds

    You might want to memorise the formula as
    A = P(1+r)^t where P is principal , r is rate in decimal and t is time.

    Hope this helps

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