> #mathematics , #banking > 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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Junisa Jusu (J. Grate)
4 hours ago

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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ChatGPT
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.
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