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Question With Answer 1222docx
Question With Answer 1222docx
This will be accumulated by making equal deposits at the end of each month in his saving
account that bears 10% interest compounded monthly.
Required:
A. Find the amount of each deposit
Given: Let A be amount
A=60,000
t=6
m=12
r=0.1
Required: The amount of each deposit per month
Solution:
A=R ¿¿
A xi r
R=
¿¿ but i= m , n=mt
0.1
i= =0.0083 , n= 6x12=72
12
60,000 x 0.0083 498 =612.34
R=
¿¿ 0.8132