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Popular Word Problems >

Kumar has deposited RM3,500 in a bank account which pays 4% per year, and compounded monthly. How much will he have at the end of 4 years?

Solution

K u ma r ha s d e p os i t e d RM 3, 500 in a bank a cco u n t w hi c h p a ys 4% p er ye a r, an d co m p o u n d e d m o n t h l y . Ho w m u c h w i ll h e ha v e a t t h e e n d o f 4 ye a rs ?

Solution

Amount : 4106.2

Solution steps

Translate the problem into an equation:

A = 3500 (1 + \frac{0.04}{12})^{12 \cdot 4}

3500 (1 + \frac{0.04}{12})^{12 \cdot 4} = 4106.19534 \dots

Round to the nearest hundredth:

4106.2

Amount : 4106.2

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