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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

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

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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