Question

If $1,500.00 is invested at a compound interest rate 4.3% per annum

compounded quarterly for 72 months, find the compound interest.​

Answer 1

Step-by-step explanation:

Here, P = principal amount (the initial amount) = $ 1,25,000

Rate of interest (r) = 8 % per annum

Number of years the amount is deposited or borrowed for (n) = 912 year = 34 year.

Therefore,

The amount of money accumulated after n years (A) = P(1 + r4100)4n

1,25,000 (1 + 84100)4∙34

1,25,000 (1 + 2100)3

1,25,000 (1 + 150)3

1,25,000 × (5150)3

1,25,000 × 5150 × 5150 × 5150

1,32,651

Therefore, compound interest $ (1,32,651 - 1,25,000) = $ 7,651.

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