Asked by chun
Peter deposited RM 1,536 on 15 May 2010 into account that pays 10% compounded quarterly. Find the interest earned on 15 February 2015
Answers
Answered by
henry2,
P = Po(1+r)^n.
r = 0.10/4 = 0.025 = quarterly % rate.
n = 4*4.75 = 19 compounding periods.
P = 1536(1+0.025)^19 = 2455.53
I = P-Po =
r = 0.10/4 = 0.025 = quarterly % rate.
n = 4*4.75 = 19 compounding periods.
P = 1536(1+0.025)^19 = 2455.53
I = P-Po =