Question

With your 13th month pay of 25,000 you plan to buy a new laptop that costs exactly 25,000, but you have decided to invest the whole amount in an account that pays 4% compounded monthly. After 1 year what is the compound amount?​

Answer 1

Given : 25000 Amount at rate of interest 4 % compounded monthly

To Find :  Amount after 1 year

Solution:

P = 25000

R = 4 % per annum  = 4/12 = 1/3 % per month

n = 1 year = 12 months

A = P (1  + R/100)ⁿ

=> A = 25000 ( 1  +  1/300)¹²

=> A = 25000 ( 301/300)¹²

=> A = 26,018.5

Amount  after 1 year = 26,018.5

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