Q 18:
ANSWER = $6439.03
STEPS:-
PRINCIPAL = 3200
RATE = 6%
TIME = 4 YEARS
COMPOUNDED QUARTERLY
A = P(1 + R/100)^(4×N)
= 3200 × (1 + 6/100)^(4×3)
= 3200 × (1.06)^12
= 3200 × 2.0121964718
= 6,439.02870976
= $6439.03 (2 decimal places)
Q 19 a:
ANSWER = $1060
STEPS:-
PRINCIPAL = $1000
RATE = 6%
TIME = 1 YEAR
SIMPLE INTEREST
S.I = PTR/100
= (1000 × 6 × 1)/ 100
= 6000 / 100
= $60.
Amount = $1000 + $60
= $1060
Q 19 b:
ANSWER = $1262.48
STEPS:-
PRINCIPAL = $1000
RATE = 6%
TIME = 1 YEAR
COMPOUNDED QUARTERLY
A = P(1 + R/100)^(4×N)
= 1000 × (1 + 6/100)^(4×1)
= 1000 × (1.06)^4
= 1000 × 1.26247696
= 1,262.47696
= $1262.48 (2 decimal places)