Question
a) You have N$ 10,000 to invest, which you want to grow to N$ 100,000. If the bank
offers you an interest rate of 6% p.a. compounded monthly, how long must you
invest the money for (in months or years)? Round your answer to one decimal
place.
b) Instead of investing N$ 10,000, you decide to save N$ 1000 per month at the end of
each month. If the bank again offers you an interest rate of 6% p.a. compounded
Page 13 of 13
monthly, after how many years and months will you have N$ 100,000? Round your
answer to one decimal place.
offers you an interest rate of 6% p.a. compounded monthly, how long must you
invest the money for (in months or years)? Round your answer to one decimal
place.
b) Instead of investing N$ 10,000, you decide to save N$ 1000 per month at the end of
each month. If the bank again offers you an interest rate of 6% p.a. compounded
Page 13 of 13
monthly, after how many years and months will you have N$ 100,000? Round your
answer to one decimal place.
Answers
bobpursley
We are not going to do your homework for you. It appears you are answer grazing. If you have some difficulty understanding how to do a problem, state the difficulty you are having, We are her to help students, not give answers to answer grazers.
=10000/100000*0.06
219
219
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