Christian deposits P 300 at the end of each quarter in his savings account. If the account earns 5.75% yearly, how much money will he has in 4 years?
Answers
Answer:
formula: SI = P × R × T, where P = Principal, R = Rate of Interest, and T = Time period. Here, the rate is given in percentage (r%) is written as r/100.
Answer:
The money that Christian would have in the next four years is P5353.89
Explanation:
The standard equation is,
where P is your quarterly contribution (deposit);
FV represents the account's future value;
r is the decimal representation of the quarterly percentage yield;
The number of deposits, or n, is equal to the years multiplied by 4 in this instance.
According to the circumstances,
P = 300, r = , and n = 44 = 16 are true.
Therefore, based on equation (1), Christian will receive at the end of the fourth year.
FV =
FV= P5353.89
Therefore, the amount that the person would receive after 4 years were calculated to be as P5353.89
To learn more about Quarterly contribution, visit:
https://brainly.in/question/18540104
To learn more about Number of Deposit, visit:
https://brainly.in/question/8392640
#SPJ3