Question

Jack has deposited Rs 6,000 in a money
market account with a variable interest rate
The account compounds the interest
monthly. Jack expects the interest rate to
remain at 8% annually for the first 3 months,
at 9% annually for the next 3 months, and
then back to 8% annually for the next 3
months. Find the total amount in this
account after 9 months.
a. Rs 7,823.34
b. Rs 9,655.75
c. Rs 6,856.67
d. Rs 6,385.58​

Answer 1

Answer:

(d)

Step-by-step explanation:

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Answer 2

Answer:

The total amount in this account in this given data, after 9 months.

a. Rs 7,823.34₹

Step-by-step explanation:

We can solve this problem using the formula for compound interest:

A = P(1 + r/n)^(nt )

  where  :

A = the final amount

P = the principal (initial amount)

r = the annual interest rate (as a decimal)

n = the number of times the interest is compounded per year

t = the time period in years

First we need to calculate the interest rate for each of the three 3-month periods:

For the first 3 months, the annual interest rate is 8%, so the monthly interest rate is 8%/12 = 0.00667.

For the next 3 months, the annual interest rate is 9%, so the monthly interest rate is 9 %/12 = 0.0075  .

For the last 3 months, the annual interest rate is 8%, so the monthly interest rate is 8%/12 = 0.00667.

Now we can calculate the total amount in the account after 9 months:

For the first 3 months :

A = 6000(1 + 0.00667/1)^(1*3) = Rs 6,239.92

For the next 3 months:

A = 6239.92(1 + 0.0075/1)^(1*3) = Rs 6,868.80

For the last 3 months:

A = 6868.80(1 + 0.00667/1)^(1*3) = Rs 7,453.02

Therefore, the total amount in the account after 9 months is Rs 7,453.02, which is closest to option a. Rs 7,823.34.

For more such question: https://brainly.in/question/641959

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