Homework Answers
Anwer:
Question 2)
Given
Deposit D=10000
interest rate r=5%
So ending balance at each year = Opening Balance *(1+r)
For Next year opening balance is last year ending balance
likr for 2nd year opening balance is ending balance for 1st year.
So ending balance at 1st year =10000*(1+5%)=10500
So ending balance at 2nd year =10500*(1+5%)=11025
So ending balance at 3rd year =11025*(1+5%)=11576.25
So ending balance at 4th year =11576.25*(1+5%)=12155.06
So ending balance at 5th year =12155.06*(1+5%)=12762.82
Question 3)
Given
Deposit D=10000
interest rate r=6%
So ending balance at each year = Opening Balance *(1+r)
For Next year opening balance is last year ending balance
likr for 2nd year opening balance is ending balance for 1st year.
So ending balance at 1st year =10000*(1+6%)=10600
So ending balance at 2nd year =10600*(1+6%)=11130
So ending balance at 3rd year =11130*(1+6%)=11686.5
So ending balance at 4th year =11686.5*(1+5%)=12270.83 eq 1
Yearly saving S for 1st year =1000
So ending balance at 2nd year =1000*(1+6%)=1060
So ending balance at 3rd year =1060*(1+6%)=1113
So ending balance at 4th year =1113*(1+6%)=1168.65 eq 2
Yearly saving S for 2nd year =1000
So ending balance at 3rd year =1000*(1+6%)=1060
So ending balance at 4th year =1060*(1+6%)=1113 eq 3
Yearly saving S for 3rd year =1000
So ending balance at 4th year =1000*(1+6%)=1060 eq 4
Yearly saving S for 4th year =1000 eq5
Adding equation 1 ,2,3,4.5 we get 16612.48
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