SOLUTION: Peter deposits k450.00 with BSP which offers 4 1/2 per annum interest. Calculate the interest earned after 4years if it is compound annually

SOLUTION: Peter deposits k450.00 with BSP which offers 4 1/2 per annum interest. Calculate the interest earned after 4years if it is compound annually

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Question 1025409: Peter deposits k450.00 with BSP which offers 4 1/2 per annum interest. Calculate the interest earned after 4years if it is compound annually
Answer by Cromlix(4381) (Show Source): You can put this solution on YOUR website!
Hi there,
100% + 4.5% = 104.5%
104.5% = 104.5/100 = 1.045
k450.00 x 1.045^4
k536.63
k536.63 - k450
=k86.63.
Interest
Hope this helps :-)
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