Mathematics: Find the amount to be paid at the end of 6 months on rupee 1800 at 8% per annum compounded quarterly. Plz give me with all the steps and ill mark uh as brainliest

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Find the amount to be paid at the end of 6 months

braxton24

16.03.2022

The amount to be paid is rupee 1872.72

Step-by-step explanation:

Compound Interest

It occurs when interest in the next period is earned on the principal sum plus previously accumulated interest.

The formula is:

$\displaystyle A=P\left(1+{\frac {r}{n}}\right)^{nt}}$

Where:

A=final amount

P=initial principal balance

r=interest rate

n=number of times interest applied per time period

t=number of time periods elapsed

The initial amount is P=1800 at r=8% = 0.08 during t=6 months (t=0.5 years) compounded quarterly. There are 4 quarters in a year, thus n=4.

Calculating A:

$\displaystyle A=1800\left(1+{\frac {0.08}{4}}\right)^{4*0.5}$

$\displaystyle A=1800(1.02)^{2}$

A = 1872.72

The amount to be paid is rupee 1872.72

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