SOLUTION: The simple interest on a certain sum of money for 3 years at 12% p.a is $6750. What will the be the compound interest on that sum at the same rate for the same period ?
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Question 1049581: The simple interest on a certain sum of money for 3 years at 12% p.a is $6750. What will the be the compound interest on that sum at the same rate for the same period ?
Answer by jorel555(1290) (Show Source): You can put this solution on YOUR website!
If the balance of your account is n, and the interest rate is r, then at the end of 3 years you will have: n x 3r. Calculating compound interest, your balance at the end of 3 years will be n x (1+r)^3. ☺☺☺☺
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