1. Given: P (Principal amount = 45,000.00? (nominal rate) = 0.02m (frequency of conversion) = 2t (term) = 4Find compound interest.

Compound interest = P * (1 + (i2/m))mt - P

Answered: compound interest.

Business

Accounting

compound interest.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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1. Given: P (Principal amount = 45,000.00
? (nominal rate) = 0.02
m (frequency of conversion) = 2
t (term) = 4
Find compound interest.

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