Question

An amount of $1,500.00 is deposited in a bank paying an annual interest rate of 4.3%, compounded quarterly. What is the balance after 6 years? i want the answer with steps. the best answer i will give them 15 points and mark it as a brailiest answer

Answer 1

• Using the formula above, with P = 1500, r = 4.3/100 = 0.043, n = 4, and t = 6: So, the balance after 6 years is approximately $1,938.84

Answer 2

The value  of  balance after 6 years is $1938.84.

Step-by-step explanation:

Given:

Compounded  quarterly , $ 1500 at 4.3% per annum.

The balance after 6 years.

To Find:

The value  of  balance after 6 years .

Formula Used:

$A=M(1+\frac{p}{n} )^{nq}$  --------------------- formula no.01

A = total amount of money after compounding period

M= the original amount or initial amount

p= the annual interest rate

q = the number of years

C = Compound Interest

n= compounded  times per annum

Solution:

As given :Compounded  quarterly , $ 1500 at 4.3% per annum    

               : The balance after 6 years.

M =  $1500 , p=4.3% = 0.043     , q= 6   and   n=4

Applying formula no. 01.

$A=M(1+\frac{p}{n} )^{nq}$

$A=1500(1+\frac{0.043}{4} )^{4\times 6}$

$A=1500(\frac{4.043}{4} )^{24}$

$A=1500( 1.01)^{24}$

$A= 1938.84$

Thus, the value  of  balance after 6 years is $1938.84