So, the balance after 6 years is approximately $1,938.84.
P = principal amount (the initial amount you borrow or deposit) r = annual rate of interest (as a decimal) t = number of years the amount is deposited or borrowed for. A = amount of money accumulated after n years, including interest. n = number of times the interest is compounded per year
|
Example:
An amount of $1,500.00 is deposited in a bank paying an annual interest rate of 4.3%, compounded quarterly.
What is the balance after 6 years? |
Solution:
Using the compound interest formula, we have that
P = 1500, r = 4.3/100 = 0.043, n = 4, t = 6.
Therefore,
So, the balance after 6 years is approximately $1,938.84.
|
Initial Investment | |
Regular Investment | |
Interest Rate | |
Years | |
Compounded | |
Calculate | |
Powered by CalculateStuff.com |
Write a comment
online mobile recharge app (Friday, 16 July 2021 02:27)
NT.Wallet - Recharge your UAE & International Mobile, Utility, Entertainment, Gaming, and Transportation services. You can pay your bills instantly wherever you are, whenever you want. Download NT. Wallet App to enjoy the best International payment system on your Smartphone! <a href="https://ntwallet.ae/home">nt payments app</a>