The compound interest on 800 at a certain rate for two years is 65.28. What would be the approximate compound interest on the same amount for three years?
865.28=800(1+r)2865.28/800=(1+r)2√865.28/800=1+r√865.28/800−1=r
√865.28800−1=125=0.04
so the rate is 4% per annum
Amount after 3 years
FV= 800(1.04)^3
800×(1.04)3=899.8912
The compound interest after 3 years will be $99.89
899.89−800=9989100=99.89