ECONOMICS
COMPOUND INTEREST
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Mary-Kayla deposits $88, 000 in a bank at an interest rate of 2.8% for 4 years, compounded quarterly. How much interest will she earn after 4 years?
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$10 278
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$10 391
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$98 278
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$98 391
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Explanation:
Detailed explanation-1: -= 4, 058. Was this answer helpful?
Detailed explanation-2: -15625×2825×2825×2825= Rs. 21952C.
Detailed explanation-3: -The compound interest formula is ((P*(1+i)^n)-P), where P is the principal, i is the annual interest rate, and n is the number of periods. Using the same information above, enter “Principal value” into cell A1 and “1000” into cell B1.
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