What is 6 times 340 = ?
2 answers:
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Given:
Principal value = $12000
Rate of interest = 2.5%
To find:
Total amount after 15 years.
Solution:
Formula for amount discontinuously compounded interest is
where, P is principal, r is rate of interest and t is time in years.
Substitute P=12000, r=0.025 and t=15 in the above formula.
Therefore, the amount after 15 years is $17459.897.