Q.7. An individual invests $9,000 at a rate of 6% per annum. What will be its...

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Answer 1

Answer #1

Q.7. Accumulated amount = P(1+R)ⁿ = 9,000(1+0.06)¹¹ = 9,000 * 1.8983 = $17,085

Note - Assuming compound interest.

Q8. Accumulated factor = (1+r)ⁿ = (1+0.11/12)⁴³ = 1.480487

WN - Rate is taken per month as the time period is also is in months.

n = 3*12m +7m = 43 months

Answer 2

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