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kari74 [83]
2 years ago
5

Rod is saving Php2000 in a bank at the end of each month which gives an interest of 1% compounded monthly.How much is the saving

s og Rod after 2 years? ​
Mathematics
1 answer:
agasfer [191]2 years ago
7 0

Answer:

Php2040.38

Step-by-step explanation:

Given

P = 2000 --- Principal

r = 1\% --- Rate

t = 2\ years --- Time

n = 12 --- monthly

Required

Determine the amount at the end of two years

This is calculated as:

A = P(1 + \frac{r}{n})^{nt}

So, we have:

A = 2000(1 + \frac{1\%}{12})^{12*2}

A = 2000(1 + \frac{1}{100*12})^{24}

A = 2000(1 + \frac{1}{1200})^{24}

A = 2000(\frac{1200+1}{1200})^{24}

A = 2000(\frac{1201}{1200})^{24}

A = 2000*1.02019

A = 2040.38

<em>Hence, the final amount is: Php2040.38</em>

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