Question

Rahul deposits $5000.00 in an account on April 1, 2016 which
earns 6.25% compounded quarterly. How much is in the account on
September 15, 2021 if simple interest is allowed for part of a
conversion period?

Answer #1

Amount deposited on Apr1, 2016.

No. of periods till mar 31,2021 = 20 Periods [ 5 * 4 ]

Apr to June = 1 Period

July 1st to September 15 = 2 Months 15 days

**Amount after 30 June,2021 :**

FV = PV( 1 + r)^n

Where r is Int rate per period

n - No. of periods

Particulars |
Amount |

Present Value | $ 5,000.00 |

Int Rate | 1.563% |

Periods | 21 |

Future Value = Present Value * ( 1 + r )^n |

= $ 5000 ( 1 + 0.0156) ^ 21 |

= $ 5000 ( 1.0156 ^ 21) |

= $ 5000 * 1.3848 |

= $ 6924.22 |

Amount on June 30 , 2021 = $ 6924.22

Int for Balance 2 Months 15 Days = PTR

= 6924.22 *( 2.5 / 12 )* 6.25%

= $ 90.16

**Amount on Sep 15 , 2021 = $ 6924.22 + $
90.16**

**= $ 7014.38**

Pls do rate, if the answer is correct and comment, if any further assistance is required.

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