Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

this is the question: Assuming that you graduated December 31st 2020 from the University of Buraimi and immediately on the 1st of January 2021, you

this is the question: Assuming that you graduated December 31st 2020 from the University of Buraimi and immediately on the 1st of January 2021, you started working with the Royal Oman police in Muscat. Your salary is 900 OMR monthly and you decided to save 500 OMR at the end of every month beginning from the end of January 2021. You put your monthly savings of 500 OMR into a bank Muscat savings account and the bank agree to pay you a simple interest of 10% per annum. You made this savings for 20

[A]

TOTAL SIMPLE INTEREST EACH YEAR

275.00

[B]

TOTAL YEARLY SAVINGS WITHOUT INTEREST

6,000.00

[C]

TOTAL SAVINGS + INTEREST IN BANK MUSCAT YEARLY

6,275.00

[D]

TOTAL FOR 20 YEARS IN BANK MUSCAT

125,500.00

[E]

FV OF ANNUITY IN BANK SOHAR

359,400.62

[F]

TOTAL ANNUITY IN BANK SOHAR

125,500.00

[G]

TOTAL COMPOUND INTEREST EARNED IN BANK SOHAR

233,900.62

[H]

TOTAL VALUE OF SAVINGS AND INVESTMENT

359,400.62

I need the solution from E to H

The result is provided at each point. I need the solution with steps that lead to get the provided result.

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

Accounting A Smart Approach

Authors: Mary Carey, Cathy Knowles

4th Edition

0198844808, 9780198844808

More Books

Students also viewed these Accounting questions

Question

2. What is the meaning and definition of Banking?

Answered: 1 week ago

Question

3.What are the Importance / Role of Bank in Business?

Answered: 1 week ago