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Maths

  • 27-04-2013 02:48AM
    #1
    aarond280
    Registered Users, Registered Users 2 Posts: 275 ✭✭


    How is the quarterly interst found ?


Comments

  • #2
    jamo2oo9
    Registered Users, Registered Users 2 Posts: 5,780 ✭✭✭jamo2oo9


    Are you given the annual interest rate? If so, divide that by 4 and you have it. You have to take it to 6 decimal places if it's financial maths.


  • #3
    aarond280
    Registered Users, Registered Users 2 Posts: 275 ✭✭aarond280


    This is the question: Ella wants 5000 in 3 years. She invests in an annuity that pays 7.2% per annum, compounded quarterly. How much does she need to deposit each quarter to achieve her target of 5000


  • #4
    jamo2oo9
    Registered Users, Registered Users 2 Posts: 5,780 ✭✭✭jamo2oo9


    Haven't tried this type of question but have you used the compounding formula? Let me get back to you and I'll see if I can work it out correctly.


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