A trader banks 250000frws at 9%per year compound interest rate calculated every 4 months. find the amount in the bank at the start of the year

228,710.84 frws

Step-by-step explanation:

A trader banks 250000frws at 9%per year compound interest rate calculated every 4 months. find the amount in the bank at the start of the year?

The above question is asking us to find the Principal. The formula is given as:

P = A / (1 + r/n)^nt

A = Amount after time t = 250000

r = Interest rate = 9%

n = Compounding frequency = 4

t = time = 1 year

First, convert R as a percent to r as a decimal

r = R/100

r = 9/100

r = 0.09 per year,

Then, solve the equation for P

P = A / (1 + r/n)^nt

P = 250,000.00 / (1 + 0.09/4)^(4)(1)

P = 250,000.00 / (1 + 0.0225)^(4)

P = $228,710.84

The bank started with 228,710.84frws

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