Question

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

Answer 1

$ 297.87 interest

Explanation:

Calculate the amount and the compound interest.

Amount = PNR Where P is Principal ; N is the no of Terms and R is the rate of interest

Amount of 1 st quarter = $ 9,855 x 6 % x
`(1)/(4)` = $147.83

Compound interest is $ 9,855 + 147.83= $ 10,002.83

Amount of 2 nd quarter , 10,002.83 x 6% x
`(1)/(4)` = $150.04

Compound Interest is 10,002.83 + 150.04 = $10,152.87 amount

10,152.87 - 9,855= $297.87 interest