Find the interest earned for an investment if the accumulated amount at the end of 6 years is RM 2,412.66 and the interest rate given is 8% compounded quarterly.

Answer 1

P = Po(1+r)^n.
r = 0.08/4 = 0.02 = quarterly % rate.
n = 6*4 = 24 compounding periods.
P = 2412.66.
Po =
Int. = P-Po.

po =