krishangvthacker krishangvthacker

13-12-2020
Mathematics

contestada

Find the compound interest on ₹ 31,250 at 12% pa for 2 1/2 years
pls give step by step explanation

Respuesta :

LynxVillicana LynxVillicana

13-12-2020

Answer:

42,183

Step-by-step explanation:

We will use the Continuous Compounding Interest since a regular interval was not stated.

P(t) = Pe^(rt)

We will plug in the variables to the formula

P(t) = 31250 * e^(.12 * 2.5)

We can simplify and evaluate the compound interest.

P(t) = 42183.08

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