Duplicate Question
The question on this page has been marked as a duplicate question.
Original Question
Calculate the compound interest on N7400 in 4 years at 6% p.a. If interest is calculated every three months.?Asked by Anonymous
Calculate the compound interest on 7400 in 4years at 6% p.a. if interest is calculated every three months
Answers
Answered by
henry2,
P = Po(1+r)^n.
Po = $7400
r = 0.06(1/4) = 0.015 = Quarterly % rate.
n = 4comp./yr * 4yrs = 16 compounding periods.
I = P-Po.
Po = $7400
r = 0.06(1/4) = 0.015 = Quarterly % rate.
n = 4comp./yr * 4yrs = 16 compounding periods.
I = P-Po.