Accountancy, asked by delapenakrishna01, 14 days ago

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

Answered by dikshanikam2021
0

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.

Answered by SahiliDessai1998
0

Answer:

The money that Christian would have in the next four years is P5353.89

Explanation:

The standard equation is,  

FV= \frac{(1+r)^n-1}{r}

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 = \frac{0.0575}{4}, and n = 4\times4 = 16 are true.

Therefore, based on equation (1), Christian will receive at the end of the fourth year.

FV = 300.\frac{1+\frac{0.0575}{4}^{4.4}-1 }{\frac{0.0575}{4} }

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

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