Question

Find the interest on 16,100 for 4 years and 6months at 10% compounded quarterly.

Answer 1

25,110.51 is the total amount accrued over the course of 4.5 years, principle plus interest, on a principal of 16,100.00.

Compound interest calculation

We may employ the compound interest future value formula provided by:

$A=P(1+r/n)^{nt}$

Where A is the final amount, P stands for the current value,

r=interest rate, n represents how many times interest is compounded annually, and t represents the number of years.

In this case,

P= 16100

r = 10%

t = 4 years and 6 months=4.5 years

n=4

So, A=$16100(1+0.1/4)^{4*4.5}$

A= $16100(1+0.025)^{18}$

A= 25110.51

So, 25,110.51 is the total amount accrued over the course of 4.5 years, principle plus interest, on a principal of 16,100.00 at a rate of 10 percent per year compounded four times each year.

Learn more about compound interest here:

brainly.com/question/14295570

#SPJ4