Find the compound amount on P1,500 at the end of 35 years and 9 months at 6% if the interest is compounded quarterly? Input your answer to the nearest whole number.
To find the compound amount, you can use the formula:
compound amount = P * (1 + r/n)^(n*t)
where P is the principal amount, r is the annual interest rate, n is the number of times the interest is compounded per year, and t is the number of years.
In this case, the principal amount is P1,500, the annual interest rate is 6%, the number of times the interest is compounded per year is 4 (since it is compounded quarterly), and the number of years is 35 years + 9 months / 12 months/year = 35.75 years.
Plugging these values into the formula, we get:
compound amount = 1500 * (1 + 0.06/4)^(4*35.75)
= 1500 * (1.015)^143.8
= 1500 * 3.3266
= P4950.
Rounded to the nearest whole number, the compound amount is P4950.
Step-by-step explanation:
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Answers & Comments
Answer:
To find the compound amount, you can use the formula:
compound amount = P * (1 + r/n)^(n*t)
where P is the principal amount, r is the annual interest rate, n is the number of times the interest is compounded per year, and t is the number of years.
In this case, the principal amount is P1,500, the annual interest rate is 6%, the number of times the interest is compounded per year is 4 (since it is compounded quarterly), and the number of years is 35 years + 9 months / 12 months/year = 35.75 years.
Plugging these values into the formula, we get:
compound amount = 1500 * (1 + 0.06/4)^(4*35.75)
= 1500 * (1.015)^143.8
= 1500 * 3.3266
= P4950.
Rounded to the nearest whole number, the compound amount is P4950.
Step-by-step explanation:
carry out learners! Happy to help:) hope you brain liest me:)