what should be the interest rate and duration for principle Rs. 500 for 1 year at 12% compounded quarterly?
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Answer:
R = 12% N = 1 year
Step-by-step explanation:
If you deposit $500 into an account paying 12% annual interest compounded quarterly , how much money will be in the account after 1 year?
Result:
The amount is $562.75 and the interest is $62.75.
Explanation:
STEP 1: To find amount we use formula:
A = total amount
P = principal or amount of money deposited,
r = annual interest rate
n = number of times compounded per year
t = time in years
In this example we have
After plugging the given information we have
STEP 2: To find interest we use formula , since 562.75 P = we have:
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