Firstly I would thank Soroban by helping me last time.Thanks again
Guyz please any one help me with the following questions :-
If you took R50 000.00 and invested it in an investment where you were receiving 7% compound interest per annum,
A) What amount of money would you have after 3 years?
B) How would this figure differ if it were not compound.
Remember compound interest is calculated each period on their original principal and all interest accumulated during past period and the compound period can be yearly, semi annually, quarterly or even continuously.
The compound interest formula is fv=pv(1+r / 100)^n.