Question 1205127
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A businessman deposited ₦500,000 in a bank account at 20% per annum compound interest. 
If the interest is added quarterly. Find the compound interest on the deposit 
at the end of 1 year 6 months.
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<pre>
The interest on the deposit at the end of 1 year 6 months is

    I = {{{500000*(1+0.2/4)^6-500000}}} = ₦170,047.82  (rounded to two decimal places).    <U>ANSWER</U>
</pre>

Solved.


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To see many similar and different solved problems on discretely compounded interest,
see the lessons

&nbsp;&nbsp;&nbsp;&nbsp;- <A HREF=https://www.algebra.com/algebra/homework/percentage/lessons/Compound-interest-percentage-problem.lesson>Compound interest percentage problems</A> 

&nbsp;&nbsp;&nbsp;&nbsp;- <A HREF=https://www.algebra.com/algebra/homework/logarithm/Problems-on-discretely-compound-accounts.lesson>Problems on discretely compound accounts</A> 

in this site, and learn the subject from there.


After reading these lessons, &nbsp;you will tackle such problems on your own without asking for help from outside.