Find the compound interest on 650 in 5years at 4% per anum . Calculate using alternative method
Pls i need the answer
What is the answer
wanted compound interest, so
amount = 650(1.04)^5 - 650
dang -- always read the problem ...
To calculate compound interest using an alternative method, you can use the formula:
A = P(1 + r/n)^(nt)
Where:
A = the final amount (including both the principal and interest)
P = the principal amount (initial investment)
r = the annual interest rate (in decimal form)
n = the number of times that interest is compounded per year
t = the number of years
In this case, the principal amount (P) is 650, the annual interest rate (r) is 4%, the number of times compounded per year (n) is usually not specified, so we'll assume it's compounded annually, and the number of years (t) is 5.
Plug in the values into the formula:
A = 650(1 + 0.04/1)^(1*5)
A = 650(1 + 0.04)^5
A = 650(1.04)^5
Now, raise 1.04 to the power of 5:
A ≈ 650(1.2166529024)
Multiply the result by the principal amount:
A ≈ 650 x 1.2166529024
A ≈ 790.45493656
Thus, the compound interest on 650 in 5 years at 4% per annum using the alternative method is approximately 790.455.
i = Prt
so plug in your numbers.
I have no idea what your alternative method is.