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A mother wants to save $3000 after every 3 months in a financial institution, which pays her interest at a rate of 8% per year
A mother wants to save $3000 after every 3 months in a financial institution, which pays her interest at a rate of 8% per year compounded quarterly and deposits 28 quarterly payments. After 7 years the mother gives loan to a company that accumulated amount, which she receives from the bank, after 7 years at an interest rate of 9% compounded annually. What amount she will have finally when the company returns the amount to her after 3 years? How much total interest should she earn in 10 years time?
A mother wants to save $3000 after every 3 months in a financial institution,
which pays her interest at a rate of 8% per year compounded quarterly
and deposits 28 quarterly payments. After 7 years the mother gives loan
to a company that accumulated amount, which she receives from the bank,
after 7 years at an interest rate of 9% compounded annually. What amount
she will have finally when the company returns the amount to her after 3 years?
How much total interest should she earn in 10 years time?
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