Sec 3/4 E Math T03-Q20 - Calculating compound interest

Sec 3/4 E Math T03-Q20 - Calculating compound interest

Secondary 3
Original parallel to Sec3&4 E Math FA

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

  1. Calculate the amount in the account after \(5\) years.
  2. Hence, calculate the total interest earned.

Solution:

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Answer:(a) \(5520.40; (b) \)520.40.

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