How much money should a man save in an ac-
count paying 5% interest compounded monthly if
he wants to have Rs. 6,000 in 6 months ?
Answers
Answered by
2
your answer is 7800
divyanshu149854:
welcome priya and nirbhayapatel i appreciate it
Answered by
1
Using the formula:
A=p(1+rn)nt
where:
∙ A = Amount = 6000
∙ r = Rate = 5 % = 0.05
∙ t = Time = 6 months
∙ n = Monthly = 12
∙ p = Principal = Unknown
We have:
6000=p(1+.0512)72
Solving yields p=$4447.68
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