Share
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
in progress
0
Mathematics
3 years
2021-08-09T17:58:27+00:00
2021-08-09T17:58:27+00:00 1 Answers
6 views
0
Answers ( )
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
So, the interest is
I = A – P = 5634.13 – 5000 = 634.13