Ezichael John
May 28
The interest earned when K680 is involved for 5years at 4.9%p.a. interest compound annually is ? ?
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ChatGPT
May 28
To calculate the interest earned on K680 over 5 years at 4.9% p.a. interest compounded annually, we can use the formula for compound interest:
A = P(1 + r/n)^(nt)
Where:
A = the amount of money accumulated after n years, including interest
P = the principal amount (K680 in this case)
r = the annual interest rate (4.9% or 0.049)
n = the number of times that interest is compounded per year (1 for annually)
t = the number of years the money is invested for (5 years)
Plugging in the values, we get:
A = K680(1 + 0.049/1)^(1*5)
A = K680(1 + 0.049)^5
A = K680(1.049)^5
A = K680(1.262476)
A = K860.48
The interest earned on K680 over 5 years at 4.9% p.a. interest compounded annually is K860.48.
A = P(1 + r/n)^(nt)
Where:
A = the amount of money accumulated after n years, including interest
P = the principal amount (K680 in this case)
r = the annual interest rate (4.9% or 0.049)
n = the number of times that interest is compounded per year (1 for annually)
t = the number of years the money is invested for (5 years)
Plugging in the values, we get:
A = K680(1 + 0.049/1)^(1*5)
A = K680(1 + 0.049)^5
A = K680(1.049)^5
A = K680(1.262476)
A = K860.48
The interest earned on K680 over 5 years at 4.9% p.a. interest compounded annually is K860.48.
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Google Gemini AI
May 28
A = (P x ((1 + (r/100))^t))
Where;
A is the amount of money after time t
P is the principal amount
r is the rate of interest per year
t is the time in years.
A = (680 x [(1 + (4.9/100))^5])
A = (680 x [(1.049)^5])
A = (680 x [1.2754505])
A = K 868.68
Where;
A is the amount of money after time t
P is the principal amount
r is the rate of interest per year
t is the time in years.
A = (680 x [(1 + (4.9/100))^5])
A = (680 x [(1.049)^5])
A = (680 x [1.2754505])
A = K 868.68
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