Question

Anju started a saving account on December 1, 2014, with $1000. She added $1000 on July 1, 2016, and $1000 on December 1, 2018. How much is in her account on January 1, 2020, if her deposit earns 3% p.a. compounded monthly.

Answer 1

0 Aswar! → So, firstly we will calculate Compounded Amt till 1. July 2016 & its 19 Month from the data 1 Dec 2014 formula = P(1+r) where = P = Principle - Rate = Number times Interest is compounded per unit t nit = time *$100 (1+0.03) = $100 (1.00 25)9 = $ 1048-58 here, the balance as on 1 July 2016 to 7 $1048.58, we assumes that it is the Principle on July 2016 to Calculate balance do 3/Dec. 2018 = Perjeant =41048-58 (+ 0.02 33 $1048. ST (1-002)29

Here, the balance on on 1 July 2016 is = $ 1048.58 (+) Amt deposite by Anju is = $1000 $2046.58 now batce Balance on 31 Dec. 2018 is = P(1 + 0.03ght = $2008.58 (1+0.0025) 29 = $2048:58 (1.002s 19 - $2202.41 Here, the balance on G) Ant deposit by Dec 1 2018 is = $22024) Anjo is = $1000 $3202.41 Now Balance on 1 January 2000 is - P(1+0'03 )ht $390241(1+0:03) = 13302-41 (1.002+)3 $3308.06 of the 'the Balance as on 1 Jan 2020 in Anjo's Saving Bank is = $3308.06