Amir saved RM205 at then of every month for 6 years in an account earning 2.75% interest compounded monthly. a) Calculate the accumulated amount at the end of 6 years. (RM19545.87) b) Find the additional amount that he needs to save every month if he wants to have RM30,000 in the account at the end of 6 years.
Amir saved RM205 at then of every month for 6 years in an account earning 2.75% interest compounded monthly. a) Calculate the accumulated amount at the end of 6 years. (RM19545.87) b) Find the additional amount that he needs to save every month if he wants to have RM30,000 in the account at the end of 6 years.
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 1P
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2. Amir saved RM205 at then of every month for 6 years in an account earning 2.75%
interest compounded monthly.
a) Calculate the accumulated amount at the end of 6 years. (RM19545.87)
b) Find the additional amount that he needs to save every month if he wants to
have RM30,000 in the account at the end of 6 years. (RM133.71)
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