Posted by rose.m on Thursday, May 26, 2011 at 6:20pm.
Compound 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)
=?
Compound 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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