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Zorluk: KolayFinancial Mathematics (Interest, Profit, Loss, and Depreciation)

An artisan deposited ₦20,000\text{₦}20,000 into a savings account that pays a compound interest rate of 10%10\% per annum compounded annually. What is the total compound interest earned at the end of 22 years?

  1. ₦4,200\text{₦}4,200Cevap
  2. B
    ₦24,200\text{₦}24,200
  3. C
    ₦4,000\text{₦}4,000
  4. D
    ₦2,000\text{₦}2,000

Cevap

The total compound interest earned after 2 years is ₦4,200\text{₦}4,200.
The correct answer is obtained by calculating the total amount after 2 years at 10%10\% compound interest, which is 20,000×(1.10)2=₦24,20020,000 \times (1.10)^2 = \text{₦}24,200, and then subtracting the principal of ₦20,000\text{₦}20,000 to get ₦4,200\text{₦}4,200.

Adım Adım Çözüm

1
Calculate the total accumulated amount (AA) after 2 years using the compound interest formula A=P(1+R100)nA = P\left(1 + \frac{R}{100}\right)^n.
A=20,000(1+10100)2=20,000×(1.1)2=20,000×1.21=₦24,200A = 20,000 \left(1 + \frac{10}{100}\right)^2 = 20,000 \times (1.1)^2 = 20,000 \times 1.21 = \text{₦}24,200.
Determines the total value of the investment at the end of the 2-year period.
2
Subtract the principal (PP) from the total accumulated amount (AA) to find the interest earned (I=A−PI = A - P).
I=24,200−20,000=₦4,200I = 24,200 - 20,000 = \text{₦}4,200.
Isolates the interest earned from the initial principal amount.

Anahtar Kavram

Compound Interest Calculation
Tahmini Süre:45s
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Financial Mathematics (Interest, Profit, Loss, and Depreciation)

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