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secondary 2 | Maths
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I'm Sec 3 btw. I do not take E Maths or A Maths
Date Posted: 6 years ago
Views: 331
Compound interest formula is
A = P[1+(r/n)]^(nt)
A is the final amount
P is what Mr Lee put into the bank
r is the annual interest rate (in decimal, so in this question its 0.395)
n is the number of times interest is compounded (quarterly means 4 times per yeae)
t is number of years Mr Lee leaves the money inside
For second part, compound interest due to higher returns
A = P[1+(r/n)]^(nt)
A is the final amount
P is what Mr Lee put into the bank
r is the annual interest rate (in decimal, so in this question its 0.395)
n is the number of times interest is compounded (quarterly means 4 times per yeae)
t is number of years Mr Lee leaves the money inside
For second part, compound interest due to higher returns
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