Time Principal Rate Componded Amount Interest 3 years $16,200 6% Quarterly $ ___

Question

Time Principal Rate Componded Amount Interest 3 years $16,200 6% Quarterly $ ______ $ ______ N CN CN CN CN CN CN CNN. CN CN m CN CN CN m CN CN in CN CN CN CN CN m CN CN CN CN m CN CN CN CN CN CN CN ON CN CN CN CN CN r CN CN CN CN CN N m CN CN CN CN CN CNN. N CN CN CN CN. CN in CN CN CN CN CN CN CN CN CN CN CN CN CN CN CN CN CN CN CN CN CN CN CN CN CN CN CN CN CN CN CN m CN CN CN CN CN CN CN CN CN CN CN CN CN CN CN CN CN CN CN CN CN CN CN CN CN CN CN CN CN CN CN CN CN CN CN CN CN CN CN CN CN CN CN CN CN CN CN CN CN CN CN CN CN CN CN CN CN CN CN CN CN CN CN CN CN CN CN CN CN CN CN CN

Explanation / Answer

Formula of compound interest for quarterly for an Amount

A = p ( 1 + r%/n )nt

Here A = Amount , p = principle , r = rate of interest , n = the number of compounding periods per year and t = number of years

p = 16,200 , r = 6% = 6/100 = 0.06 , n = 4 (quarterly) , t = 3

A = 16200 ( 1 + 0.06/4)4*3

= 16200 ( 1 + 0.015)12

= 16200 (1.015)12

= 16200 (1.1956181715)

=19,369.01

Interest = A - P

= 19369.01 - 16200 = 3169.01

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