Question on: JSS3 Mathematics - Whole Numbers II

What is the compound interest earned on $1000 at an annual interest rate of 5%, compounded annually for 2 years?

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𝐴=1000(1+0.05/1)1×2

=1000×1.1025

=1102.50. 

The compound interest earned is 1102.50−1000=102.50 dollars.

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