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Simple Interest

Janette inves...

Question

Janette invested 2000 $a t$ 5\% $c o m p o u n d a n n u a l l y f o r$ 5 $y e a r s . H o w m u c h i n t e r e s t d i d s h e e a r n a t t h e e n d o f t h e$ 5 $y e a r p e r i o d ? W r i t e a n s w e r i n t h e f o r m o f n e a r e s t i n t e g e r . (i n$ \$$)

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Solution

Given: Principal amount : $P =$ 2000 $A n n u a l r a t e$ = R= 5\% $P e r i o d$ = t = 5 $y e a r s . T o c a l c u l a t e a m o u n t :$ A = P \times \left (1 + \dfrac{R}{100}\right)^n = 2000 \times( 1+ 0.05)^5=\$$ $2552.56$
Total interest $=$ $2552.56 - 2000$ $=$ $553$

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