Question

Find the compound interest on :

R1024 for 3 years at 7% p.a. Compound annually

Answer 1

P = Po(1+r)^n.

Po = $1,024.

r = 0.07.

n = 1comp./yr. * 3yrs. = 3 Compounding
periods.

Solve for P.

I = P-Po.