Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The current account balance of Mr. As saving account is $45000. He makes a deposit at the end of every month. You are given that

The current account balance of Mr. As saving account is $45000. He makes a deposit at the end of every month. You are given that The amount of the first deposit, which is made one month after today, is and the amount is increased by (100)% every month afterward. That is, the amount of the second deposit is (1+), the amount of the third deposit is (1+)2, and so on. The saving account earns interest at a monthly effective interest rate and the interest is added to the account at the end of every month. The account balance at the end of month is (12)=52500 and the account balance at the end of (2) month is (212)=60915.16. (1+)=1.05505. Calculate the account balance at the saving account at the end of (3) month.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Frank Woods Business Accounting Volume 2

Authors: Frank Wood, Alan Sangster

13th Edition

1292085053, 9781292085050

More Books

Students also viewed these Finance questions

Question

Why do companies prepare budgets?

Answered: 1 week ago

Question

=+For a different audience? In another tone of voice?

Answered: 1 week ago

Question

=+Can it illicit audience participation?

Answered: 1 week ago

Question

=+Create an open dialogue among users?

Answered: 1 week ago