Math, asked by shairynamonoy, 2 months ago

Exercise 1: Teacher Kaye is saving P2,000 every month by depositing it in
a bank that gives an interest of 1% compounded quarterly. How much will
she save in 5 years?​

Answers

Answered by amitnrw
10

Given : Teacher Kaye is saving P2,000 every month by depositing it in

a bank that gives an interest of 1% compounded quarterly.

To Find  :  How much will she save in 5 years

Solution:

5 Years has  20 Quarters

Lets break this into Quarters

Amount deposited in 1 Quarter

= 2000 + 2000 + 2000 = 6000

Interest earned  = 2000 * 1 * (3/12) /100  +  2000 * 1 * (2/12) /100  +  2000 * 1 * (3/12) /100  =  20 * (3 + 2 + 1) /12  = Rs 10

Amount after 1 Quarter = 6010

Now left 19 Quarters after 1st Quarter

interest rate per Quarter = 1/4 %

1 Qtr deposit becomes   =  6010 ( 1 +  1/400)¹⁹

2 Qtr deposit becomes   = 6010 ( 1 +  1/400)¹⁸

19th Qtr deposit becomes   = 6010 ( 1 +  1/400)¹  

20 th Qtr deposit becomes   =  6010 ( 1 +  1/400)⁰  

1 +  1/400  = 401/400 = 1.0025

Hence total amount after 5 years

6010  + 6010(1.0025) + 6010(1.0025)²  + .... + ... +  6010 (1.0025)¹⁸ +  6010 (1.0025)¹⁹

a = 6010

r = 1.0025

n = 20

Sₙ = a(rⁿ - 1)(r - 1)

= 6010 (1.0025²⁰ - 1)/(1.0025 - 1)

= 1,23,098

she save in 5 years = 1,23,098

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Answered by maejovelynsimon36
1

Answer:

Step-by-step explanation:

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