ijinaeiaujah163 ijinaeiaujah163
  • 23-02-2021
  • Mathematics
contestada

When 500 pesos is compounded monthly at 4% interest rate fo 3 years, what is the frequency of conversion?

Respuesta :

codiepienagoya codiepienagoya
  • 24-02-2021

Answer:

The answer is "562.432"

Step-by-step explanation:

Given:

[tex]P= 500\\\\r= 4\%\\\\n= 3 \ years\\\\\text{frequency of conversion}\ (A)=?[/tex]

Using formula:

[tex]\to A=P(1+r)^n[/tex]

       [tex]= 500(1+4\%)^3\\\\= 500(1+\frac{4}{100})^3\\\\= 500(1.04)^3\\\\=500 \times 1.124864\\\\= 562.432[/tex]

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