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seropon [69]
4 years ago
14

Mr. Mady opens a savings account with principal P dollars that pays 4.11% interest compounded quarterly. Express his ending bala

nce after one year algebraically.
Mathematics
1 answer:
inysia [295]4 years ago
8 0

Answer

Find out the  ending balance after one year algebraically.

To proof

Formula of compound interest quarterly

Compound\ interest_{quarterly} = P( 1+\frac{\frac{R}{4}}{100} )^{4n}

where

P = principle

R = rate of interest

n = time period in the years

As given

Mr. Mady opens a savings account with principal P dollars that pays 4.11%

interest compounded quarterly

Time = 1 year

put in the equation

we get

Compound\ interest\ quarterly = P (1 +\frac{0.0411}{4})^{4}

solving the above

= P ( 1 + 0.010275)^{4}\\= P(1.010275)^{4}

Solving

= 1.0417P ( approx )

ending balance after one year is $1.0417P ( approx )

Hence proved





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