A principal of 6400 is deposited at 5% for 9 years. What will be the compound amount at the compound interest if the interest is compounded? a. Annually b. Semi-annually c. Quarterly d. Monthly

Solution

Solution

Interest : 3528.5

Solution steps

Translate the problem into an equation:

9928.50058 \dots = 6400 + I

Solve for

I, 9928.50058 \dots = 6400 + I : I = 3528.5

Interest : 3528.5

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