Answer:
the amount after three months is $25,994
Explanation:
The computation of the amount after three months is as follows:
As we know that
A = P × (1 + rate of interest ÷ number of compounding period)^number of compounding period × time period
Where,
A = Accrued amount
P = Principal = $25,000
r = 15.60%
t = 3 ÷ 12 = 0.25
So,
A = $25,000 × (1 + 0.156 ÷ 365)^365 × 0.25
= $25,994
Hence, the amount after three months is $25,994
