Malik deposited 1050 in a savings account and it earned 241.50 in simple interest after four years. Find the interest after four
1 answer:
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Step-by-step explanation:
i = interest 3% for 30 years
This is a simple dynamical system for whom the the solutions are given as
putting values we get
S=2000[\frac{(1.03)^{30}-1}{0.03}](1.03)
= $98005.35
withdrawal of money takes place from one year after last payment
To determine the result we use the present value formula of an annuity date
we need to calculate R so putting the values and solving for R we get
R= $6542.2356