Answered

IDNLearn.com is designed to help you find reliable answers quickly and easily. Discover in-depth and reliable answers to all your questions from our knowledgeable community members who are always ready to assist.

Thomas deposited $1500 into a savings account. He is earning 6% Interest compounded quarterly. How much money will Thomas have in his account after 10 years? Round
appropriately

Sagot :

Jeshikaghisingidn

Answer:

Rs. 1186 is the required answer.

Step by step answer:

Given:

Principle (P)=$1500

Rate of Interest (R)= 6%

Time period (T)=10 years

Compound Interest (CI)=P((1+6/100)^T-1)

=1500((1+6/100)^10-1)

= Rs. 1186 (approximately)

Thank you for being part of this discussion. Keep exploring, asking questions, and sharing your insights with the community. Together, we can find the best solutions. IDNLearn.com is dedicated to providing accurate answers. Thank you for visiting, and see you next time for more solutions.