Question #242776

 Mr. Nazri saves RM500 at the beginning of each year. He receives an interest of 3% each year. Find the total amount of savings including the interest after 20 years.


1
Expert's answer
2021-09-28T00:12:21-0400

The total amount of savings including the interest after 20 years is:

FV=500×1.0320−10.03=RM13,435.19.FV = 500\times\frac{1.03^{20}-1}{0.03} = RM13,435.19.


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