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How much interest is earned on R9 000 invested for five years at 8 percent per annum and compounded annually?
Updated: 10/18/2022
Wiki User
∙ 13y agoBest Answer
For compound interest F = P*(1 + i)^n. Where P is the Present Value, i is the interest rate per compounding period, and n is the number of periods, and F is the Future Value.
F = (9000)*(1 + .08)^5 = 13223.95 and the amount of interest earned is 13223.95 - 9000 = 4223.95
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∙ 13y agoThis answer is:
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