The principal is $30000, the period is 5 years and the interest rate is compounded quarter-yearly. If the interest rate p.a. for the first two year is 20% and 12% for the remaining 3 years.
a) Find the overall amount for 5 years.
b) Find the total interest for 5 years.
COMPOUND INTEREST
2007-10-21 6:12 am
回答 (2)
2007-10-21 6:30 am
✔ 最佳答案
the amount after TWO years$30000 (1+5%) ^8
(5% coz quarter-yearly, 20%p.a. means 5% per quarter,
8 coz quarter-yearly, 2 years = compounded 8 times)
the amount after REMAINING 3 years
$30000 (1+5%) ^8 (1+3%) ^12
(3% and 12 times similarly)
the interest for 5 years = AMOUNT - principal
2007-10-21 6:23 am
a) 30000 X (1+ 20%)^2 X (1+12%)^3 = $60692.89
b) 60692.89 - 30000 = 30692.89
b) 60692.89 - 30000 = 30692.89
收錄日期: 2021-04-13 14:03:46
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