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A man invests Ksh.24, 000 in an account which pays 16% interest p.a. the interest is compounded quarterly. Find the amount in the account after 1½ years.

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asked Aug 16, 2021 in Mathematics Form 3 by anony mous

A man invests Ksh.24, 000 in an account which pays 16% interest p.a. the interest is compounded quarterly. Find the amount in the account after 1½ years.

commercial arithmetic

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answered Aug 16, 2021 by anony mous

A = P(1 + ^R/₁₀₀)ⁿ
=24000(1 + ¹⁶/₁₀₀ × ¼)⁶
=24000(1+0.04)⁶
=Ksh. 30367.70

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