Question

Mr. Santos will deposit P10, 000 at the ABC bank at the end of each quarter for 2 years. If the bank gives out 9% compounded quarterly, find the amount to his credit just after the last deposit?

Answer 1

Rate 9 % per annum

$= \frac{9 \; \%}{4}=2.25 \; \%$ per quarter

Number of quarters = 2 years $\times$ 4 quarters = 8 quarters

The amount to his credit just after the last deposit is 88539.93