Question
A person decides to invest money in fixed income securities to redeem it at the end of 3 years. In this way, you make monthly deposits of R$300.00 in the 1st year, R$400.00 in the 2nd year and R$500.00 in the 3rd year. Calculate the amount, knowing that compound interest is 0.6% per month for the entire period. The answer is 15,828.60
119
likes593 views
Answer to a math question A person decides to invest money in fixed income securities to redeem it at the end of 3 years. In this way, you make monthly deposits of R$300.00 in the 1st year, R$400.00 in the 2nd year and R$500.00 in the 3rd year. Calculate the amount, knowing that compound interest is 0.6% per month for the entire period. The answer is 15,828.60
Hester
4.8117 Answers
Since the person decides to deposit 300 only for the first 12 months. then increased to 400 on the second year. and another 100 increase from 400 to 500 on the 3rd year then we can arrive to the following formula:
FV=300\left(\frac{\left(1+0.006\right)^{12\left(3\right)}-1}{0.006}\right)+100\left(\frac{\left(1+0.006\right)^{12\cdot2}-1}{0.006}\right)+100\left(\frac{\left(1+0.006\right)^{12}-1}{0.006}\right)
the total Future value is = 15828.60
Frequently asked questions (FAQs)
Question: What is the median of a set of numbers with a range of 10, a mean of 25, and a mode of 30?
+
Math question: In how many ways can a committee of 5 people be formed from a group of 10 individuals?
+
Question: Convert the number 2.78 x 10^4 to standard notation.
+
New questions in Mathematics