00:01
Hello everyone, in this problem we are given with the principal amount as $3000 and the rate of interest as 4 .75 % per year and this is compounded annually for the n which is equal to 5 years, sorry it is compounded quarterly.
00:23
So, r will be equal to 4 .75 % by 4 when t will be equal to 5 times of 4 which is equal to 20.
00:37
So, in the first part at 5 years, so the amount will be amount a equal to p into 1 plus r by 100 the whole power t.
00:50
So, here when n is equal to 5, so we get the amount a to be equal to now substitute the corresponding values it is 3000 of 1 plus 4 .75 divided by 100 the whole power 20.
01:07
So, simplifying this we get the amount a to be equal to $3798 .91.
01:15
Now, we have to give the answer in cents.
01:22
So, the amount will be 379 ,891 cents.
01:41
Now, let us move on to the second part of the question when n is equal to 7 years since it is compounded quarterly.
01:55
So, here t is 4 times of 7 it is 28.
02:03
So, the amount a will be equal to 3000 of 1 plus 4 .75 divided by 100 the whole power 28...