Matthew deposits N15 000 at the end of each qua... - SS3 Mathematics Financial Arithmetic Question
Matthew deposits N15,000 at the end of each quarter for 15 years with Ivory Bank which pays an annual interest rate of 10% compounded quarterly. Find the worth of the account.
\[A = P\left( 1 + \frac{R}{n} \right)^{nT}\]
\[P = 15000\ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ R = 10\% = 0.1\ \ \ \ \ \ \ \ \ \ \ \ \ \ \ n = 4\ \ \ \ \ \ \ \ \ \ \ \ \ T = 15\]
\[A = 15000\left( 1 + \frac{0.1}{4} \right)^{4(15)}\]
\[A = 15000(1 + 0.025)^{60}\]
\[A = 15000(1.025)^{60}\]
\[A = N65,996.85\]
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