Question

Find the compound interest earned by the deposit. (Round to the nearest cent).
P180000 at 6% compounded quarterly for 6 years​

Answer 1

Given:

Find the compound interest earned by the deposit. (Round to the nearest cent).

P180000 at 6% compounded quarterly for 6 years​

To find:

The compound interest

Solution:

The sum of money, P = 180000

The rate of interest, R = 6%

The no. of years, n = 6 years

To solve the given problem we will use the following formula of interest being compounded quarterly:

$\boxed{\bold{A = P [1 + \frac{\frac{R}{4} }{100}] ^4^n }}\\\\\boxed{\bold{C.I. = A - P}}$

Finding the amount:

$A = 180000 \times [1 + \frac{\frac{6}{4} }{100} ]^4^\times ^6$

$\implies A = 180000 \times [1 + \frac{\frac{3}{2} }{100} ]^2^4$

$\implies A = 180000 \times [1 + \frac{3 }{200} ]^2^4$

$\implies A = 180000 \times [ \frac{203 }{200} ]^2^4$

$\implies A = 180000 \times [ 1.015 ]^2^4$

rounding off to the nearest cents

$\implies \bold{A = P257310.50}$

Finding the Compound Interest:

$C.I. = 257310.50 - 180000 = \bold{P77310.50}$

Thus, the compound interest earned by the deposit is → P77310.50.

-----------------------------------------------------------------------------------------------------

Also View:

find the amount and compound interest at the rate of 10% per annum for 1.5 years on the amount of ₹8000 when compounded quarterly​

brainly.in/question/13361301

find the compound interest on ₹4000 for 1 year at 10% per annum, the interest being compounded quarterly.​

brainly.in/question/12065157

Compute C.I. on 9200 for 6 months at 6% per annum when the interest is compounded quarterly​

brainly.in/question/36204305