Aperson invest 10,000 shillings for 40 months compounded monthly. Find the accumulated amount If the rate is 5% per annum.

1 answer:

4 0

monthly interest rate is : $\sqrt[12]{1.05}$

So in forty month there will be : 10 000 * ( $\sqrt[12]{1.05}$ )^40 ≈11 776,06

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Aperson invest 10,000 shillings for 40 months compounded monthly. Find the accumulated amount If the rate is 5% per annum.​