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24-11-2021
Mathematics

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What is the amount received at the end of the period on investing $1000 for 2 years at 5% per annum compound interest?

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altavistard altavistard

24-11-2021

Answer:

$1102.50

Step-by-step explanation:

The appropriate compound interest formula is

A = P(1 + r)^t, where P is the principal ($1000), t is the number of years, and r is the interest rate as a decimal fraction.

Here A = $1000(1 + 0.05)^2 = $1000(1.05)^2 = $1102.50

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