Question

The principal of Angelo carrera saving account is $9855 it earns 6% interest compounded quarterly for two quarter

Answer 1

Interest is $297.87

Explanation:

First calculate the amount and the compound interest.

Compound Interest = PNR where P is the Principal; R is the rate of interest and N is the no of terms

Therefore Compound Interest of first quarter = $9,855 x 6% x
`(1)/(4)` = $147.83

Amount = Principal + Interest = $9,855 + 147.83 = $10,002.83

Compound interest of second quarter = 10,002.83 x 6% x
`(1)/(4)` = $150.04

Amount = 10,002.83+150.04 = $10,152.87 a

Interest is 10,152.87-9,855= $297.87