Math, asked by priya2085, 1 year ago

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 divyanshu149854
2

your answer is 7800


divyanshu149854: welcome priya and nirbhayapatel i appreciate it
Answered by Shivansh1mishra
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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