Question

(iii) Principal = 28,000; Time = 9 months;
Rate = 12% per annum; interest compounded
quarterly.​

Answer 1

Answer:

795,505

Step-by-step explanation:

Answer 2

P = principal amount (the initial amount) = $ 28,000

Rate of interest (r) = 12 % per annum

Number of years the amount is deposited or borrowed for (n)= 9/12= 3/4

Therefore,

The amount of money accumulated after n years

A= p(1+r/4/100)power(4n)

A= 12000(1+12/4/100)power(4×3/4)

A= 12000(1+ 3/100)power(3)

A= 12000(103/100)power(3)

A=12000×103/100×103/100×103/100

A= 13112.724

Therefore, compound interest $ (13112.724 - 12000) = 1112.724