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Chai Hu deposited $5500 in a savings account earning 6% interest compound quarterly if he makes no other deposits or withdrawals how much will he earn in 25 days

Sagot :

Fateeemaidn

Answer:

5,477.63

Step-by-step explanation:

First, convert R percent to r a decimal

r = R/100

r = 6%/100

r = 0.06 per year,

Then, solve our equation for P

P = A / (1 + r/n)nt

P = 5,500.00 / (1 + 0.06/4)(4)(0.068448)

P = 5,500.00 / (1 + 0.015)(0.273792)

P = $ 5,477.63

Summary:

The principal investment required to get

a total amount of $ 5,500.00

from compound interest at a rate of 6% per year

compounded 4 times per year

over 0.068448 years

is $ 5,477.63.

** i got this from calculator soup

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