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tankabanditka [31]
3 years ago
11

When 500 pesos is compounded monthly at 4% interest rate fo 3 years, what is the frequency of conversion?

Mathematics
1 answer:
Dimas [21]3 years ago
8 0

Answer:

The answer is "562.432"

Step-by-step explanation:

Given:

P= 500\\\\r= 4\%\\\\n= 3  \ years\\\\\text{frequency of conversion}\ (A)=?

Using formula:

\to A=P(1+r)^n

       = 500(1+4\%)^3\\\\= 500(1+\frac{4}{100})^3\\\\= 500(1.04)^3\\\\=500 \times 1.124864\\\\= 562.432

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