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KengaRu [80]
3 years ago
11

Imran deposited 3000 per month (at the start of month) into a saving account for 10 months. If the bank offer 6% interest compou

nded monthly , the total amount imran would have saved at the end of three year would be.
Mathematics
1 answer:
AnnZ [28]3 years ago
4 0

Answer:

3.590.04

Step-by-step explanation:

The formula given for total amount saved when compounding interest =

A = P(1 + r/n)^nt

Where

A = Total amount saved after t years

P = Principal or initial amount saved

r = Interest rate

n = compounding frequency

t = time in years

From the above question

P = 3000

r =6% = 0.06

n =compounded monthly = 12

t = 3 years

Hence,

A = 3000(1 + 0.06/12)^3 × 12

A = 3000(1 + 0.06/12)^36

A = 3,590.04

Therefore, the total amount Imran will have in his account after 3 years = 3,590.04

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