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Which of the following statements could be represented to find the amount annum after 2 years if the interest is compounded annually?A = 6250 (1.16)2Amount on $6250 at 16% per annum.Amount on $6250 at 1.6% per annum.Amount on $6250 at 6% per annum.Amount on $6250 at 0.16% per annum.

Respuesta :

Solution:

Given;

[tex]A=6250(1.16)^2[/tex]

Where;

[tex]\begin{gathered} A=P(1+r)^t \\ \\ P=6250,r=16\text{ \%},t=2 \end{gathered}[/tex]

CORRECT ANSWER: Amount on $6250 at 16% per annum

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