Mr. Chong deposits RM5 000 into a fixed deposit account with 4% interest rate compounded every 3 months for a period of 3 years. Calculate t

Question

Mr. Chong deposits RM5 000 into a fixed deposit account with 4% interest rate compounded every 3 months for a period of 3 years. Calculate the amount of interest accrued after the third year。

fast please tq
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Nguyệt Ánh 3 years 2021-08-09T17:58:27+00:00 1 Answers 8 views 0

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  1. haidang
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    2021-08-09T17:59:29+00:00
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    Answer:

    The interest is 634.13.

    Step-by-step explanation:

    Amount deposit , P = 5000

    Interest, R = 4 % so, R = 4/4 = 1 %

    Time, T = 3 years quarterly

    n = 3 x 4 = 12

    Let the amount is A.

    Use the formula of the compound interest

    A = P \left ( 1 + \frac{R}{100} \right )^n\\\\A = 5000 \left ( 1 + \frac{1}{100} \right )^{12}\\\\A = 5634.13

    So, the interest is

    I = A – P = 5634.13 – 5000 = 634.13

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