Question

if 6,000 is deposited for two years at 4% per annum compounded quarterly, the
find the time period and rate to compute compound interest.​

Answer 1

Step-by-step explanation:

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$x = p(1 + \frac{r}{n} ) ^{ nt }$

$x = 6000(1 + \frac{4}{4 \times 100} ) ^{4 \times 2}$

$x = 6000( \frac{400 + 4}{400} ) ^{8}$

$x = 6000 (\frac{404}{400} ) ^{8}$

$x = (6000 \frac{101}{100} ) ^{8}$

$x = (60 \times 101) ^{8}$

$x = {6060}^{8}$