Answer:
$16,875
Step-by-step explanation:
x/15,000=4.5/100
cross multiply
100x/100=x
67500/100=675
675×25=$16,875
The required amount we will get after 25 years is $45687.
Given,
Principal ammount = $15000
Interest rate = 4.5% compounded quaterly
Amount after 25 year to be calculate.
It is defined as the fee you pay to borrow money or the fee you levy to lend money. Interest is considerable and frequently recalled as an annual percentage of the amount of a loan. This percentage is known as the interest rate on the loan.
For quarterly interest rate gets divided by 4 and n = 4
[tex]Amount = principle(1+r/4)^{tn}[/tex]
[tex]= 15000(1+0.045/4)^{25*4}\\= 15000(1.0112)^{100}\\= 45687[/tex]
Thus, the required amount we will get after 25 years is $45687.
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