an amount of 15000 is deposited in a bank paying on annual interest rate of 4.3% compounded quality what is the balance after 6 year.
Formula. a=p(1+r/n)nt
That is really
a=p(1+r/n)^(nt)
Assuming you mean compounded quarterly, just plug in your numbers, with
r=0.043
n=4
t=6
To find the balance after 6 years with an initial deposit of $15000 and an annual interest rate of 4.3% compounded quarterly, we can use the formula for compound interest:
A = P(1 + r/n)^(nt)
Where:
A = the balance after time t
P = the principal amount (initial deposit)
r = annual interest rate (in decimal form)
n = number of times the interest is compounded per year
t = number of years
Let's plug in the given values into the formula:
P = $15000
r = 4.3% = 0.043 (convert the percentage to decimal)
n = 4 (compounded quarterly)
t = 6 years
A = 15000(1 + 0.043/4)^(4 * 6)
Now we can calculate the balance using this formula.