f you invest £1000 on the first day of each year, and interest is paid at 5% on your balance at the end of each year, how much money do you have after 25 years? Nb-using ap or gp
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Step-by-step explanation:
- Let the total no. of years be n=25,
- To calculate commom difference we use SI formula i.e. PRT/100
- Then the SI will be the commom difference.
- Therefore D=50
- Using An = A+ (n-1)D ..
- Substituting ..we get 2200/-
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Answered by
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si=p×r×t/100=1000×5×25/100=1250
amount=p+si=1000+1250
=2250
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