Question

Find the compound amount on P16,100 for 4 years and 6 months at 10% compounded quarterly. (Round off your answer to the nearest hundreth). I need the solution po sana​. (math)​

Answer 1

Answer:

$\ 25,110.51$  

Step-by-step explanation:

we know that    

The compound interest formula is equal to  

$A=P(1+\frac{r}{n})^{nt}$  

where  

A is the Final Investment Value  

P is the Principal amount of money to be invested  

r is the rate of interest  in decimal

t is Number of Time Periods  

n is the number of times interest is compounded per year

in this problem we have  

$t=4.5\ years\\ P=\ 16,100\\ r=10\%=10/100=0.10\\n=4$  

substitute in the formula above

$A=16,100(1+\frac{0.10}{4})^{4*4.5}$  

$A=16,100(1.025)^{18}$

$A=\ 25,110.51$