Amos deposits an amount of R 1260 in an account that pays 8,5% interest per year, compounded quarterly. After six years the amount in the account will be?

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15-04-2015
Mathematics

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Amos deposits an amount of R 1260 in an account that pays 8,5% interest per year, compounded quarterly. After six years the amount in the account will be?

Sagot :

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crisforp crisforp · Answer 1 · 2015-04-15T07:13:59-04:00

crisforp crisforp

15-04-2015

FV = PV × (1+r)^n ; where FV = Future Value;
PV = Present Value;
r = annual interest rate;
n = number of periods;
FV = 1260 × 1.085^6 = 1260 × 1.63 ≈ 2054 ;

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