Gian wrote:
Zarrolou wrote:
5 years = 60 months, so his compound interest will be paid \frac{60}{3}=20 times in total.
I=initial amount, T = final amount.
I(1+0.015)^{20}=T or I=\frac{T}{(1+0.015)^{20}}.
E
I=initial amount, T = final amount.
I(1+0.015)^{20}=T or I=\frac{T}{(1+0.015)^{20}}.
E
But, here the interest is not paid annually but quarterly. So,shouldn't we divide the rate also by 20.
@zarrolou/experts
Could anyone throw some light on the above confusion.