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Question #faad6

1 Answer

Dec 15, 2017

Total amount is #$1657.24;(c)#

Explanation:

Principal #P=$1500# , Rate of interest is #2.5%:. r=2.5/100=.025#

Compounded quarterly #:.n=4# , time period #t=4#

Final amount : #A= P(1+r/n)^(nt)#

#:. A= 1500(1+.025/4)^(4*4) #

#:. A= 1500(1+.025/4)^(4*4) = 1500*1.00625^16#

#:.A~~ $1657.24(2dp)#

Total amount is #$1657.24(2dp);(c)# [Ans]

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