Answered

Westonci.ca is the best place to get answers to your questions, provided by a community of experienced and knowledgeable experts. Get detailed answers to your questions from a community of experts dedicated to providing accurate information. Join our Q&A platform to connect with experts dedicated to providing accurate answers to your questions in various fields.

Calculate the accumulated amount after 3 years, if R5 000 is invested at an interest rate of 10% compounded quarterly?​

Sagot :

anayadiego75277

Answer:

R6,724.44 or so I think that's right

[tex]~~~~~~ \textit{Compound Interest Earned Amount} \\\\ A=P\left(1+\frac{r}{n}\right)^{nt} \quad \begin{cases} A=\textit{accumulated amount}\\ P=\textit{original amount deposited}\dotfill &\$5000\\ r=rate\to 10\%\to \frac{10}{100}\dotfill &0.10\\ n= \begin{array}{llll} \textit{times it compounds per year}\\ \textit{quarterly, thus four} \end{array}\dotfill &4\\ t=years\dotfill &3 \end{cases} \\\\\\ A=5000\left(1+\frac{0.10}{4}\right)^{4\cdot 3}\implies A=5000(1.025)^{12}\implies A\approx 6724.44[/tex]

Thank you for trusting us with your questions. We're here to help you find accurate answers quickly and efficiently. Thank you for visiting. Our goal is to provide the most accurate answers for all your informational needs. Come back soon. Get the answers you need at Westonci.ca. Stay informed by returning for our latest expert advice.