If Tk. 1000 is invested in an account paying 10% compounded monthly, how much would be the nearst ending balance at the end of 10 years?
Created: 5 years ago |
best des
To find the nearest ending balance, we can use the formula for compound interest:
A = P * (1 + r/n)(n×t)
where: P = Tk. 1,000 (the initial investment) r = 10% (the annual interest rate) n = 12 (compounded monthly) t = 10 years
Plugging in the values, we get:
A = 1000 × (1 + 0.1/12)(12×10) ≈ Tk. 2,594.49
Therefore, the nearest ending balance at the end of 10 years is approximately Tk. 2,594.49.
So, answer is None.
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