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Mandarinka [93]
2 years ago
6

A trader needs $300000 to improve her business, she deposits $110000 in her savings account at 5% per annum compound interest. s

he then adds $50000 to her savings at the end of each year find
(a) her total savings after 3 years.
(b)by how much is her savings greater or less than $300000 at the end of the third year​
Mathematics
1 answer:
katrin [286]2 years ago
4 0

<em>interpret it that there are three payments of 50,000 aside from the current deposit of 110,000</em>

<em>amount after 3 years</em>

<em>= 110,000(1.05)^3 + 50,000( 1.05^3 - 1)/.05</em>

<em></em>

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