Solution
Part 1
For this case we can use this formula:
and P= 20000 , r =0.045 , n= 4 and t= 2. Replacing we got:
Then the solution for this case would be $21872.50
Part 2
A= 20000, r= 0.045, t= 3, n= 12
And replacing we got:
22884.96
1.6m questions
2.0m answers