Question

if you make an annual deposit of birr 2000 in bank at the beginning of the year Starting 1st January 2022.What will the value of deposit on 31st december 2025,if interest rate is10%.

Answer 1

Explanation:

Amount= Rs.1600 x1 +52+ 1600 x1 +52 x 1002 x 100= Rs.1600 x41x41+ 1600 x41404040= Rs.1600 x4141+ 14040= Rs.1600 x 41 x 8140 x 40= Rs. 3321.

 C.I. = Rs. (3321 - 3200) = Rs. 121