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3 years ago

After 5 years, what is the total amount of a compound interest investment of $32,000 at 3% interest, compounded quarterly?

Mathematics

1 answer:

Nataliya [291]3 years ago

6 0

$37,157.89 Hope that helps!

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1/12 of a mile.

Step-by-step explanation:

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3 years ago

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1.) A man invested $600 at 8% per annum for 5 years. Calculate: a.) The simple interest payable b.) The total amount of money th

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Answer:

Following are the solution to this question:

Step-by-step explanation:

Using formula:

$\text{Simple Interest} = \frac{P \times R \times T}{100} \\\\\text{ Total amount} = \text{principle}+ \text{Simple Interest}$

In question (1):

$Principle= \$ 600\\Rate = \ 8 \%\\Time= \ 5$

In point a:

$\to \frac{P \times R \times T}{100} \\\\\to \frac{(600 \times 8 \times 5)}{100}\\\\ \to 240$

In point b:

$\to amount = principle \ +\ simple \ interest$

$= 600 + 240 \\\\= 840$

In question (2):

$Principle= \$ 12,450\\Rate = \ 7.25 \%\\Time= \ 6$

In point a:

$\to \frac{P \times R \times T}{100} \\\\\to \frac{(12,450 \times 7.25 \times 6)}{100}\\\\ \to 5,415.75$

In point b:

$\to amount = principle \ +\ simple \ interest$

$= 12,450 + 5,415.75 \\\\= 17,865.75$

The 3 question is incomplete, that's why it can't be solved.

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2 years ago