Question

8. A man saves 2000 at the end of each year
and invests the money at 5% compound
interest. At the end of 3 years he will have:
B 2205​

Answer 1

Answer:

2000 * 1.05^2     first 2000 at end of 3 yrs

2000 * 1.05         second 2000 at end of 3 yrs

2000       invested at end of 3'd yr

Amount = 2205 + 2100 + 2000 = 6305