Parents put RM 1000 into a savings account at the birth of their daughter. When their daughter is 18 years old, the money in the account is RM2936.77. What is the interest rate compounded monthly?
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Given : Parents put RM 1000 into a savings account at the birth of their daughter.
When their daughter is 18 years old, the money in the account is RM2936.77.
To Find : What is the interest rate compounded monthly
Solution:
P = 1000
R = R % per month
n = 18 years = 18 x 12 = 216 month
A = 2936.77.
A = P ( 1 + R/100)ⁿ
=> 2936.77 = 1000 ( 1 + R/100)²¹⁶
=> 1.005 = 1 + R/100
=> 0.005 = R/100
=> R = 0.5 %
0.5 % per month or 6 % per annum
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