Question

A sum of $9600 is invested for 3 years at 10% per annum compound interest for 3 years.Calculate.
1.The interest for the first year.
2.The amount standing to his credit at the end of the second year.
3.The interest for the thrid year.
@butterflydreamer

Answer 1

@iGreen

Answer 2

@ganeshie8

Answer 3

1. Interest for the first year would be $960
2. Amount standing in credit after 2 years would be $11,616
3. The interest for the 3rd year would be $1,161.60

Answer 4

@ganeshie8