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insens350 [35]
1 year ago
5

2. You now have Birr 2,000,000 in the bank earning interest of .5 percent per month. You need Birr 3,000,000 to make a down paym

ent on a house. You can save an additional Birr 10,000 per month. How long will it take me to accumulate the Birr 3,000,000?
Business
1 answer:
vovangra [49]1 year ago
5 0

The number of months that it would take me to accumulate the Birr 3,000,000 is 50 months.

<h3>How many months would it take to accumulate 3,000,000?</h3>

The equation that represents the total amount saved :

Total amount =amount invested +  total interest earned + total amount earned

Total interest earned = amount invested x time x interest rate

2,000,000 x 0.005 x m = 10,000m

Total amount earned = savings per month x total number of months

10,000m

3,000,000 = 2,000,000 +  10,000m + 10,000m

3,000,000 - 2,000,000 = 20,000m

1,000,000 = 20,000m

m = 50 months

To learn more about interest, please check: brainly.com/question/26164549

#SPJ1

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