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Aminata deposited the sum of Le 8000 in Rokel Commercial Bank for three years at the rate of 5% per annum. Find the amount Aminata received from the bank after the three years.
Aminata deposited the sum of Le 8000 in Rokel Commercial Bank for three years at the rate of 5% per annum. Find the amount Aminata received from the bank after the three years.
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4 hours ago
To calculate the amount Aminata received after three years, we can use the formula for compound interest:
A = P(1 + r/n)^(nt)
Where: A = the amount received after t years P = the principal amount (Le 8000) r = the annual interest rate (5% or 0.05) n = the number of times interest is compounded per year (assuming annually, n = 1) t = the number of years (3 years)
Plugging in the values:
A = 8000(1 + 0.05/1)^(1*3) A = 8000(1 + 0.05)^3 A = 8000(1.05)^3 A = 8000(1.157625) A = 9261
Therefore, Aminata received Le 9261 from the bank after three years.