Mei Lin deposits $5000 in an account that pays compound interest at $2\%$ per year. Calculate the

Question

Mei Lin deposits $5000 in an account that pays compound interest at $2\%$ per year. Calculate the amount in the account after $4$ years. Hence, calculate the total interest earned.

Accepted Answer

(a) $5412.16; (b) $412.16.

Sec 3/4 E Math Mock 2-Q02 - Mock Paper 2: Calculating compound interest

Sec 3/4 E Math Mock 2-Q02 - Mock Paper 2: Calculating compound interest

Solution:

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