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?
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-> 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
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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
