Quarterly payments of P2000 for 5 years with interest rate of 8 % compounded qua...

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mamamopnot @mamamopnot

October 2022 1 0 Report

Quarterly payments of P2000 for 5 years with interest rate of 8 % compounded quarterly.

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Hanimeya

Verified answer

✒ COMPOUND INTEREST

$\large{••••••••••••••••••••••••••••••••••••••}$

$\large\sf\underline{Problem:}$

Quarterly payments of P2000 for 5 years with interest rate of 8 % compounded quarterly.

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$\large\sf\underline{Answer:}$

$\huge\tt\purple{\:\:\:\:\:Php\:\: 2,971.89}$

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$\large\sf\underline{Solution:}$

» »To find how much is the amount of a quarterly payment, plug the values to the compound interest formula,

$\large\tt{A = P ( 1+\frac{r}{n}) ^{n(t)}}$
$\large\tt{A = 2,000 (1+ \frac{\frac{8\%}{100}}{4} ) ^{4(5) }}$
$\large\tt{A = 2,000(1+\frac{0.08}{4})^{4(5) }}$
$\large\tt{A = 2,000(1+0.02) ^{4(5) }}$
$\large\tt{A = 2,000(1.02) ^{4(5) }}$
$\large\tt{A = 2,000(1.02) ^{20}}$
$\large\tt\purple{ A = 2,971.89}$

$\therefore$ The amount of a quarterly payment after 5 years will be Php 2,971.89

$\large{••••••••••••••••••••••••••••••••••••••}$

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Goddesslux18 Hi pp patulong den po please :<

Goddesslux18 sana mahelp niyo po ako :<

chasinghaze1217 Solution:
P= 2000 ; t= 5 years ; R= 8%
NB= Quarterly payments : There are 4 quarters in a year : hence :
N= 5×4 = 20 : so : Recall that : A= P(1+R/100)
A= 2000 (1+8/100)²⁰ = 2000(1.80)²⁰
A= 9,321.9143

Answer:
Php 9,321.9143

chasinghaze1217 It looks like my solution is wrong hehe.

Hanimeya 8/100 = 0.08

arunadelvalle hi po Hanimeya pahelp naman po sa question ko po pls need ko lang po tulong niyo salamat

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Answers & Comments

Verified answer

✒ COMPOUND INTEREST

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