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29 July, 19:26

A loan is borrowed for $1200 for 2 years at a compound interest of 6%. Interest is compounded annually. What is the compound amount?

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  1. 29 July, 21:22
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    A = 1200 (1 + 0.06) ^2 = 1348.32
  2. 29 July, 22:21
    0
    The formula of compound interest is

    A=p (1+r) ^t

    A future value?

    P present value 1200

    R interest rate 0.06

    T time 2 years

    A=1,200 * (1+0.06) ^ (2)

    A=1,348.32
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