Question #224339

rohani buys a washing machine by paying a RM 400 deposit and paying the balance RM 1772 after 5 months. If the interest is 10% compounded monthly, calculate the cash value of the washing machine.


1
Expert's answer
2021-08-11T04:50:05-0400

Solution:

Let the balance after deposit be RM xx .

Then, after 5 months, amount=x(1+rn)nt=x(1+\dfrac rn)^{nt}

1772=x(1+0.112)512×121772=x(1.042366)x=1699.9717001772=x(1+\dfrac{0.1}{12})^{\frac 5{12}\times12} \\ 1772=x(1.042366) \\ x=1699.97\approx1700

Thus, the cash value of the washing machine is RM (1700+400) = RM 2100.


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