Question
An application of the exponential growth is ____________.
- Finding the simple interest
- Calculate the selling price of the article
- Find the cost price of the article
- Calculate the compound interest
The correct answer is: Calculate the compound interest
We can calculate the compound interest using an exponential growth function.
formula for compound interest is
A=P(1+r/100)n
A=amount
p=principal
r=rate of interest
n=number of years
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Therefore the correct answer is option 3
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