Question

17. Find the amount of 15625 in 9 months at 16% p.a., when the interest is compounded quarterly.
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Answer 1

Answer:

P=15625

R=16/4=4%( when compounded quarterly)

n=9/3=e( when compouned quarterly)

A=p(1+r/100)n

15625=(1+4/100)3

15625(25+1/25)3

15625(26/25)3

15625×26/25×26/25×26/25

676×26

A=17576