SOLUTION: respected sir, plz help me to solve my math difficulty. How much interest will $2400 earn at an annual rate of 8% in one year if the interest is compounded every 4 months? w

Question 228602: respected sir,
plz help me to solve my math difficulty.
How much interest will $2400 earn at an annual rate of 8% in one year if the interest is compounded every 4 months?
waiting for yur reply.
thank u.
regars
binita
Answer by rapaljer(4671) (Show Source): You can put this solution on YOUR website!
Use the formula , where
A= Amount = Principle + Interest
P= Principle which is $2400
r= rate per period, which is .08/3 since there are 3 periods per year.
n= number of periods, which is 3.

Using a calculator, you should get

Now to find the Interest, subtract the Principle.
I= $2597.17-2400=$197.17

Dr. Robert J. Rapalje, Retired
Seminole State College
Altamonte Springs Campus
RELATED QUESTIONS
respected sir, plz help me to solve my maths problem difficulty.. 1] The sum of the (answered by Edwin McCravy)

Respected sir, plz help me to solve my maths difficulty. 1] If 5 machine can... (answered by ptaylor)

respected sir, plz solve my % difficulty. 1] A corporation triples its annual bonus (answered by Theo)

Respected sir, 1] A train travelling 25km an hour leaves Delhi at 9 a.m. & another... (answered by ejazali_syed)

how much simple interest will rs1000 earn in 21 months at the annual rate of 8%? (answered by rfer)

respected sir, plz help me to solve my maths difficulty.. 1]In a certain class... (answered by DRichardson)

How long will it take a $9000 investment to earn $180 interest at an annual interest rate (answered by Nate)

If you invest $10,000 at an annual rate of 7%, how much interest will you earn after one... (answered by oscargut)

If you invest $10,000 at an annual rate of 7%, how much interest will you earn after one... (answered by wilft1)