, 02.02.2020alexespinosa

# Spart of planning for future expenses, she started to deposit php 1,000.00 monthly in a fund that pays 6% compounded quarterly. how much will her funds worth be after 15 years?

The deposit will be Php1,819.40 in 10 years.

Step-by-step explanation:

Present Value (P): 1,000

Rate of Compound Interest (r): 6% or .06

Compounding period (n): monthly or 12

Time in years (t): 10

Future Value/Accumulated Value (A) : Unknown

Equation:

A = 1,000 (1 + .06/12)⁽¹²⁾⁽¹⁰⁾

A = 1,000 (1 + 0.005)¹²⁰

A = 1,000 (1.005)¹²⁰

A = 1,000 (1.819397)

A ≈ 1,819.397  or 1,819.40

The deposit will be Php1,819.40 in 10 years.

Given:

D = Php 1000 deposit per month

R = Interest rate 6% per quarter (every 3 months)

If

T = time (after 3 months)

What is asked: I = interest

So after 3 months she deposited PHP 3,000

I = D x R

I = Php 3,000 x 0.06

I = PHP 180

So her interest is \$180 after 3 months or 1 quarter

60 pesos is the equivalent interest because if you multiply .06 by 1000 the answer is 60 so the interest is 60.

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