Lamia owns a hairdressing salon. She borrows Tk. 2500 from a bank to improvements to her beauty salon. She is charged 4.5% per year compound interest. She pays the money back after 3 years. Calculate the total amount Lamia must pay to the bank.

Lamia owns a hairdressing salon. She borrows Tk. 2500 from a bank to improvements to her beauty salon. She is charged 4.5% per year compound interest. She pays the money back after 3 years. Calculate the total amount Lamia must pay to the bank. Correct Answer 2528.29

Related Questions

If a person borrows money at a compound interest for 3 years, then calculate the amount to be returned in 3 years. I. After 5 years, Rs. 800 has to be paid as simple interest. II. The interest is rated at 5% per annum. III. The amount to be paid after 3 years as simple interest is equal to 6 times the amount when it was borrowed. Which statement(s) is/are required to answer the question?