Answer to Question #193542 in Finance for Esdeath

Question #193542

Mr. Santos will deposit P10, 000 at the ABC bank at the end of each quarter for 2 years. If the bank gives out 9% compounded quarterly, find the amount to his credit just after the last deposit?




1
Expert's answer
2021-05-16T17:43:22-0400

Rate 9 % per annum

"= \\frac{9 \\; \\%}{4}=2.25 \\; \\%" per quarter

Number of quarters = 2 years "\\times" 4 quarters = 8 quarters



The amount to his credit just after the last deposit is 88539.93


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