Question

To find the increased amount on a standard term deposit with the following conditions: starting amount: BGN 13000, type of deposit: annual, annual compound interest rate: 1.4%, after 4 years;

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Eliseo

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56 Answers

First, convert R as a percent to r as a decimal
r = R/100
r = 1.4/100
r = 0.014 rate per year,
Then solve the equation for A
A=P\left(1+\frac{r}{n}\right)^{}^{nt}
A=13,000.00\left(1+\frac{0.014}{1}\right)^{}^{1*4}
A=13,000.00\left(1+0.014\right)^{}^{4}
A=13,000.00\left(1.014\right)^{}^{4}
A= BGN 13,743.43
Answer:
A = BGN 13,743.43

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