if a man deposited 20,000 pounds in a bank with interest of 20% PER YEAR find the total amount that he gets at the end of the year
Question
if a man deposited 20,000 pounds in a bank with interest of 20% PER YEAR find the total amount that he gets at the end of the year
Solution
To calculate the total amount the man gets at the end of the year, you need to calculate the interest he earns and then add it to the initial deposit.
Step 1: Calculate the interest Interest = Principal amount * Interest rate * Time Interest = 20,000 pounds * 20/100 * 1 year Interest = 4,000 pounds
Step 2: Add the interest to the initial deposit Total amount = Initial deposit + Interest Total amount = 20,000 pounds + 4,000 pounds Total amount = 24,000 pounds
So, the man will have 24,000 pounds at the end of the year.
Similar Questions
Question 3If you put $1000 into an account with a 20% interest rate, how much money will you have at the end of the year if interest is compounded ONCE per year?1 point
Suppose $12,000.00 is invested in an account.Calculate the total interest earned by the end of 20 years if the interest is:(a) 6% simple interest: $(b) 6% compounded annually: $(c) 6% compounded quarterly: $(d) 6% compounded weekly: $(e) 6% compounded continuously: $
You are set to receive an annual payment of $12,400 per year for the next 20 years. Assume the interest rate is 7.3 percent. How much more are the payments worth if they are received at the beginning of the year rather than the end of the year?
A invested ₹ 20000 with the rate of interest of 20 percent per annum. The interest was compounded half-yearly for 1st year and in the next year, it was compounded yearly. Find the total interest earned at the end of 2 years? ₹ 8800₹ 9040₹ 8040₹ 9800
A farmer borrowed $2000 at a simple interest rate of 20% per annum, Calculate the total payable after 2 years
Upgrade your grade with Knowee
Get personalized homework help. Review tough concepts in more detail, or go deeper into your topic by exploring other relevant questions.