Question

Thomas deposited $1500 into a savings account. He is earning 6% Interest compounded quarterly. How much money will Thomas have in his account after 10 years? Round
appropriately

Answer 1

Answer:

Rs. 1186 is the required answer.

Step by step answer:

Given:

Principle (P)=$1500

Rate of Interest (R)= 6%

Time period (T)=10 years

Compound Interest (CI)=P((1+6/100)^T-1)

=1500((1+6/100)^10-1)

= Rs. 1186 (approximately)