Find the final amount. ​$1000 invested at 6​% APR compounded quarterly for 3 years

Question

Find the final amount. ​$1000 invested at 6​% APR compounded quarterly for 3 years

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Isabella 2 weeks 2021-09-08T00:07:40+00:00 2 Answers 0

Answers ( )

    0
    2021-09-08T00:09:04+00:00

    Answer:

    $1180

    Step-by-step explanation:

    Simple interest=p×t×r/100

    P=$1000

    T=3 years

    R=6%

    1000×3×6/100

    S.I=18000/100

    S.I=180

    Therefore the S.I=$180

    The total price=capital+interest

    1000+180=1180

    Therefore the total price=$1180

    0
    2021-09-08T00:09:15+00:00

    Step-by-step explanation:

    Total Price=SI+Priciple

    SI=P×R×T

    P=$1000

    R=6%

    T=3yrs

    SI= 1000×0.06×3yrs

    =$180

    Total Price= Priciple + SI

    =$1000 + $180

    =$1180

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