question archive A person deposits 15,000 TL into a time deposit account
A person deposits 15,000 TL into a time deposit account
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A person deposits 15,000 TL into a time deposit account. Maturity is 92 days and interest rate is 14 %. What is the amount of interest received in 92 days?
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Compound interest = principle (1+ r/365)^n
= 15,000 (1 + 0.14/365) 92
= 15,000 (1+0.0003835616)^92
= 15,000 (1.0003835616)^92
= 15,000 × 1.035910
= $15,538.66
Interest = Compound interest - principle
= 15,538.66 - 15,000
= $538.66
