If $600$ dollars is deposited in a bank account for $4$ years at $8$ % per annum . Calculate interest using compound interest formula.

216

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216.3

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220.6

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224.8

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Solution

The correct option is B $216.3$
Amount at the end of $4$ years
$= 600 (1 + 0.08)^{4}$
$= 816.29$
Compound interest $= 816.29 - 600 = 216.29$

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If 600 dollars is deposited in a bank account for 4 years at 8% per annum . Calculate interest using compound interest formula.

The correct option is B 216.3Amount at the end of 4 years=600(1+0.08)4=816.29Compound interest =816.29−600=216.29

If $600$ dollars is deposited in a bank account for $4$ years at $8$ % per annum . Calculate interest using compound interest formula.

The correct option is B $216.3$
Amount at the end of $4$ years
$= 600 (1 + 0.08)^{4}$
$= 816.29$
Compound interest $= 816.29 - 600 = 216.29$