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

Financial Management In Construction Contracting

Authors: Andrew Ross, Peter Williams

1st Edition

1405125063, 9781405125062

More Books

Students also viewed these Finance questions