Severity: Warning

Message: count(): Parameter must be an array or an object that implements Countable

Filename: controllers/formulas.php

Line Number: 37

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A = P(1 + r/n)^nt, where A = Total amount; P = Principle amount; t = time; n = number of times the interest is compounded

=> P = 1,500, r = 4% , n = 4 and t = 5.

=> Plugging into the compound formula the values

=> A = P(1 + r/n)^nt = 1500 (1+0.04/4)^4(5)

= 1500 (1.01)^20 = 1500 x 1.220 = 1830.285

=> P = 40,000, r = 5% , n = 1 and t = 3.

=> Plugging into the compound formula the values

=> A = P(1 + r/n)^nt = 40000 (1+0.05/1)^1(3)

= 40000 (1.05)^3 = 40000 x 1.157625 = 46305