Jamal puts $100 in an account that does not earn any interest. Every month after that, he deposits the same amount of money. Thi
1 answer:
You might be interested in
Answer:
Step-by-step explanation:
The formula for the accrued amount from compound interest is
1. Amount in account on 1 Jan 2015
(a) Data:
a = £23 517.60
r = 2.5 %
n = 1
t = 1 yr
(b) Calculations:
r = 0.025
The amount that gathered interest was £22 944.00 but, before the interest started accruing, Carol had withdrawn £1000 from the account.
She must have had £23 944 in her account on 1 Jan 2015.
(2) Amount originally invested
(a) Data
A = £23 944.00
3. Summary
1 Jan 2014 P = £23 360.00
1 Jan 2015 A = 23 944.00
Withdrawal = <u> -1 000.00 </u>
P = 22 944.00
1 Jan 2016 A = £23 517.60