Homework Answers
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Question 15.
Formula for compound interest
A = P( 1+r )n
Where A = the Amount with compounded interest receivble in future
P = Principal amount =$5000
r= rate of interest =4% as compounded monthly =0.04/12
n = number of tiime interest and principle compounded
=No of year × number of time compunded in year =10×12 =120
A =$5000(1+0.04/12)120
=$5000(1.49083268241)
=$7454.1634 or $7454
16. From above formula
A =P (1+r)n
P =$5000
r=2.2% comunded quarterly =0.022/4 =0.0055
n=5×4=20
A=5000(1+0.0055)20
=5000(1.11594168009)
=5579.71 or 5580
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