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October 20, 2014

October 20, 2014

Posted by **rose.m** on Thursday, May 26, 2011 at 6:20pm.

- business maths -
**MathMate**, Thursday, May 26, 2011 at 11:05pmCompound interest

=P[(1+r)^n-1]

where

P=present value

r=rate of interest per period = 0.06/4 = 0.015

n=number of periods = 5*4 = 20

Compound interest

=35000(1.015^20-1)

=?

- business maths -
**Answer**, Monday, October 10, 2011 at 9:38amCompound Interest:

P x (1+r/100)^n

(where

P= Principal (present value)

r= Rate of interest

n= number of periods {20[4(quarterly)*5]}

)

Working:

35000 X (1+6/100)^20

=112249.7415

≈112249.74

ANS: $112249.74

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