Question
A. Al-Moatasem wants to know how many periods he needs to grow his deposit from the amount of (2000) dinars to reach (5000), if the
A. Al-Moatasem wants to know how many periods he needs to grow his deposit from the amount of (2000) dinars to reach (5000), if the interest on the savings account is 10%?
B. A person deposited $60,000 in a savings account with a bank at the end of each year for a period of 5 years, with a compound interest rate of 5% annually. What and how much money will be accumulated in this persons account at the end of the 5-year period? Use the two methods, if the interest is paid twice a year?
C. Calculate the future value at the end of a year (2023) for the amounts you obtained at the end of each of the following years, if the interest rate was (9)%?
End of year | cash flow |
2020 | 1200 |
2021 | 1500 |
2022 | 2900 |
2023 | 3200 |
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