If at the end of each quarter a deposit of Rs. 500 is made in an account that pays 8 % compounded quarterly, what will the final amount be after five years?
Answers
Answered by
1
Step-by-step explanation:
Amount deposited every month, P= 500
Number of months, n=5×12=60 months
Rate of interest, r=7
2
1
% =
2
15
%
Total deposit made =Pn=500×60
= 30,000
Period for recurring deposit, N=
12
1
[
2
n(n+1)
] years
=
24
1
×60×61=
2
305
years
Interest, I=
100
PNr
=500×
2
305
×
2×100
15
= 5,718.75
Total amount due =Pn+
100
PNr
=30,000+5,718.75
= 35,718.75
Answered by
0
Answer:
ɪɴ ᴅᴇᴛᴀɪʟ ᴡɪᴛʜ ... ᴏғ ᴛʜᴇ ʟᴇɴɢᴛʜ ᴏғ ᴀ . ᴄᴍ ʟᴏɴɢ ғɪʙʀᴇ ɪs
Step-by-step explanation:
ɪғ ᴛʜᴇ ᴀɴsᴡᴇʀ ɪs ᴄᴏʀʀᴇᴄᴛ ᴘʟᴇᴀsᴇ ᴍᴀʀᴋ ᴍᴇ ᴀs ʙʀᴀɪɴʟɪᴇsᴛ
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