Question

Compounded monthly. 5. Amir decides to set aside AED6000 at the end of each month for his daughter's marriage. If the daughter were to be born today, how much will be available for her marriage when she turns 20 years old? Assume an interest rate of 8% compounded quarterly.

Answer 1

MONTH	OPENING BALANCE	DEPOSIT	INTEREST	CLOSING BALANCE
1	0	6000	0.00	6000.00
2	6000.00	6000	0.00	12000.00
3	12000.00	6000	160.00	18160.00
4	18160.00	6000	0.00	24160.00
5	24160.00	6000	0.00	30160.00
6	30160.00	6000	886.40	37046.40
7	37046.40	6000	0.00	43046.40
8	43046.40	6000	0.00	49046.40
9	49046.40	6000	1641.86	56688.26
10	56688.26	6000	0.00	62688.26
11	62688.26	6000	0.00	68688.26
12	68688.26	6000	2427.53	77115.79
13	77115.79	6000	0.00	83115.79
14	83115.79	6000	0.00	89115.79
15	89115.79	6000	3244.63	98360.42
16	98360.42	6000	0.00	104360.42
17	104360.42	6000	0.00	110360.42
18	110360.42	6000	4094.42	120454.83
19	120454.83	6000	0.00	126454.83
20	126454.83	6000	0.00	132454.83
21	132454.83	6000	4978.19	143433.03
22	143433.03	6000	0.00	149433.03
23	149433.03	6000	0.00	155433.03
24	155433.03	6000	5897.32	167330.35
25	167330.35	6000	0.00	173330.35
26	173330.35	6000	0.00	179330.35
27	179330.35	6000	6853.21	192183.56
28	192183.56	6000	0.00	198183.56
29	198183.56	6000	0.00	204183.56
30	204183.56	6000	7847.34	218030.91
31	218030.91	6000	0.00	224030.91
32	224030.91	6000	0.00	230030.91
33	230030.91	6000	8881.24	244912.14
34	244912.14	6000	0.00	250912.14
35	250912.14	6000	0.00	256912.14
36	256912.14	6000	9956.49	272868.63
37	272868.63	6000	0.00	278868.63
38	278868.63	6000	0.00	284868.63
39	284868.63	6000	11074.75	301943.37
40	301943.37	6000	0.00	307943.37
41	307943.37	6000	0.00	313943.37
42	313943.37	6000	12237.73	332181.11
43	332181.11	6000	0.00	338181.11
44	338181.11	6000	0.00	344181.11
45	344181.11	6000	13447.24	363628.35
46	363628.35	6000	0.00	369628.35
47	369628.35	6000	0.00	375628.35
48	375628.35	6000	14705.13	396333.49
49	396333.49	6000	0.00	402333.49
50	402333.49	6000	0.00	408333.49
51	408333.49	6000	16013.34	430346.82
52	430346.82	6000	0.00	436346.82
53	436346.82	6000	0.00	442346.82
54	442346.82	6000	17373.87	465720.70
55	465720.70	6000	0.00	471720.70
56	471720.70	6000	0.00	477720.70
57	477720.70	6000	18788.83	502509.53
58	502509.53	6000	0.00	508509.53
59	508509.53	6000	0.00	514509.53
60	514509.53	6000	20260.38	540769.91
61	540769.91	6000	0.00	546769.91
62	546769.91	6000	0.00	552769.91
63	552769.91	6000	21790.80	580560.70
64	580560.70	6000	0.00	586560.70
65	586560.70	6000	0.00	592560.70
66	592560.70	6000	23382.43	621943.13
67	621943.13	6000	0.00	627943.13
68	627943.13	6000	0.00	633943.13
69	633943.13	6000	25037.73	664980.86
70	664980.86	6000	0.00	670980.86
71	670980.86	6000	0.00	676980.86
72	676980.86	6000	26759.23	709740.09
73	709740.09	6000	0.00	715740.09
74	715740.09	6000	0.00	721740.09
75	721740.09	6000	28549.60	756289.69
76	756289.69	6000	0.00	762289.69
77	762289.69	6000	0.00	768289.69
78	768289.69	6000	30411.59	804701.28
79	804701.28	6000	0.00	810701.28
80	810701.28	6000	0.00	816701.28
81	816701.28	6000	32348.05	855049.33
82	855049.33	6000	0.00	861049.33
83	861049.33	6000	0.00	867049.33
84	867049.33	6000	34361.97	907411.31
85	907411.31	6000	0.00	913411.31
86	913411.31	6000	0.00	919411.31
87	919411.31	6000	36456.45	961867.76
88	961867.76	6000	0.00	967867.76
89	967867.76	6000	0.00	973867.76
90	973867.76	6000	38634.71	1018502.47
91	1018502.47	6000	0.00	1024502.47
92	1024502.47	6000	0.00	1030502.47
93	1030502.47	6000	40900.10	1077402.57
94	1077402.57	6000	0.00	1083402.57
95	1083402.57	6000	0.00	1089402.57
96	1089402.57	6000	43256.10	1138658.67
97	1138658.67	6000	0.00	1144658.67
98	1144658.67	6000	0.00	1150658.67
99	1150658.67	6000	45706.35	1202365.02
100	1202365.02	6000	0.00	1208365.02
101	1208365.02	6000	0.00	1214365.02
102	1214365.02	6000	48254.60	1268619.62
103	1268619.62	6000	0.00	1274619.62
104	1274619.62	6000	0.00	1280619.62
105	1280619.62	6000	50904.78	1337524.40
106	1337524.40	6000	0.00	1343524.40
107	1343524.40	6000	0.00	1349524.40
108	1349524.40	6000	53660.98	1409185.38
109	1409185.38	6000	0.00	1415185.38
110	1415185.38	6000	0.00	1421185.38
111	1421185.38	6000	56527.42	1483712.79
112	1483712.79	6000	0.00	1489712.79
113	1489712.79	6000	0.00	1495712.79
114	1495712.79	6000	59508.51	1561221.31
115	1561221.31	6000	0.00	1567221.31
116	1567221.31	6000	0.00	1573221.31
117	1573221.31	6000	62608.85	1641830.16
118	1641830.16	6000	0.00	1647830.16
119	1647830.16	6000	0.00	1653830.16
120	1653830.16	6000	65833.21	1725663.37
121	1725663.37	6000	0.00	1731663.37
122	1731663.37	6000	0.00	1737663.37
123	1737663.37	6000	69186.53	1812849.90
124	1812849.90	6000	0.00	1818849.90
125	1818849.90	6000	0.00	1824849.90
126	1824849.90	6000	72674.00	1903523.90
127	1903523.90	6000	0.00	1909523.90
128	1909523.90	6000	0.00	1915523.90
129	1915523.90	6000	76300.96	1997824.85
130	1997824.85	6000	0.00	2003824.85
131	2003824.85	6000	0.00	2009824.85
132	2009824.85	6000	80072.99	2095897.85
133	2095897.85	6000	0.00	2101897.85
134	2101897.85	6000	0.00	2107897.85
135	2107897.85	6000	83995.91	2197893.76
136	2197893.76	6000	0.00	2203893.76
137	2203893.76	6000	0.00	2209893.76
138	2209893.76	6000	88075.75	2303969.51
139	2303969.51	6000	0.00	2309969.51
140	2309969.51	6000	0.00	2315969.51
141	2315969.51	6000	92318.78	2414288.29
142	2414288.29	6000	0.00	2420288.29
143	2420288.29	6000	0.00	2426288.29
144	2426288.29	6000	96731.53	2529019.82
145	2529019.82	6000	0.00	2535019.82
146	2535019.82	6000	0.00	2541019.82
147	2541019.82	6000	101320.79	2648340.61
148	2648340.61	6000	0.00	2654340.61
149	2654340.61	6000	0.00	2660340.61
150	2660340.61	6000	106093.62	2772434.24
151	2772434.24	6000	0.00	2778434.24
152	2778434.24	6000	0.00	2784434.24
153	2784434.24	6000	111057.37	2901491.61
154	2901491.61	6000	0.00	2907491.61
155	2907491.61	6000	0.00	2913491.61
156	2913491.61	6000	116219.66	3035711.27
157	3035711.27	6000	0.00	3041711.27
158	3041711.27	6000	0.00	3047711.27
159	3047711.27	6000	121588.45	3175299.72
160	3175299.72	6000	0.00	3181299.72
161	3181299.72	6000	0.00	3187299.72
162	3187299.72	6000	127171.99	3320471.71
163	3320471.71	6000	0.00	3326471.71
164	3326471.71	6000	0.00	3332471.71
165	3332471.71	6000	132978.87	3471450.58
166	3471450.58	6000	0.00	3477450.58
167	3477450.58	6000	0.00	3483450.58
168	3483450.58	6000	139018.02	3628468.60
169	3628468.60	6000	0.00	3634468.60
170	3634468.60	6000	0.00	3640468.60
171	3640468.60	6000	145298.74	3791767.35
172	3791767.35	6000	0.00	3797767.35
173	3797767.35	6000	0.00	3803767.35
174	3803767.35	6000	151830.69	3961598.04
175	3961598.04	6000	0.00	3967598.04
176	3967598.04	6000	0.00	3973598.04
177	3973598.04	6000	158623.92	4138221.96
178	4138221.96	6000	0.00	4144221.96
179	4144221.96	6000	0.00	4150221.96
180	4150221.96	6000	165688.88	4321910.84
181	4321910.84	6000	0.00	4327910.84
182	4327910.84	6000	0.00	4333910.84
183	4333910.84	6000	173036.43	4512947.28
184	4512947.28	6000	0.00	4518947.28
185	4518947.28	6000	0.00	4524947.28
186	4524947.28	6000	180677.89	4711625.17
187	4711625.17	6000	0.00	4717625.17
188	4717625.17	6000	0.00	4723625.17
189	4723625.17	6000	188625.01	4918250.17
190	4918250.17	6000	0.00	4924250.17
191	4924250.17	6000	0.00	4930250.17
192	4930250.17	6000	196890.01	5133140.18
193	5133140.18	6000	0.00	5139140.18
194	5139140.18	6000	0.00	5145140.18
195	5145140.18	6000	205485.61	5356625.79
196	5356625.79	6000	0.00	5362625.79
197	5362625.79	6000	0.00	5368625.79
198	5368625.79	6000	214425.03	5589050.82
199	5589050.82	6000	0.00	5595050.82
200	5595050.82	6000	0.00	5601050.82
201	5601050.82	6000	223722.03	5830772.85
202	5830772.85	6000	0.00	5836772.85
203	5836772.85	6000	0.00	5842772.85
204	5842772.85	6000	233390.91	6082163.77
205	6082163.77	6000	0.00	6088163.77
206	6088163.77	6000	0.00	6094163.77
207	6094163.77	6000	243446.55	6343610.32
208	6343610.32	6000	0.00	6349610.32
209	6349610.32	6000	0.00	6355610.32
210	6355610.32	6000	253904.41	6615514.73
211	6615514.73	6000	0.00	6621514.73
212	6621514.73	6000	0.00	6627514.73
213	6627514.73	6000	264780.59	6898295.32
214	6898295.32	6000	0.00	6904295.32
215	6904295.32	6000	0.00	6910295.32
216	6910295.32	6000	276091.81	7192387.13
217	7192387.13	6000	0.00	7198387.13
218	7198387.13	6000	0.00	7204387.13
219	7204387.13	6000	287855.49	7498242.62
220	7498242.62	6000	0.00	7504242.62
221	7504242.62	6000	0.00	7510242.62
222	7510242.62	6000	300089.70	7816332.32
223	7816332.32	6000	0.00	7822332.32
224	7822332.32	6000	0.00	7828332.32
225	7828332.32	6000	312813.29	8147145.62
226	8147145.62	6000	0.00	8153145.62
227	8153145.62	6000	0.00	8159145.62
228	8159145.62	6000	326045.82	8491191.44
229	8491191.44	6000	0.00	8497191.44
230	8497191.44	6000	0.00	8503191.44
231	8503191.44	6000	339807.66	8848999.10
232	8848999.10	6000	0.00	8854999.10
233	8854999.10	6000	0.00	8860999.10
234	8860999.10	6000	354119.96	9221119.06
235	9221119.06	6000	0.00	9227119.06
236	9227119.06	6000	0.00	9233119.06
237	9233119.06	6000	369004.76	9608123.82
238	9608123.82	6000	0.00	9614123.82
239	9614123.82	6000	0.00	9620123.82
240	9620123.82	6000	384484.95	10010608.78

So amount available for marriage will be cumulative balance after 20 year (20 years *12 months = 240 months) will be AED 10,010,608.78