Question

Aris saved RM 25,000 at 8% compounded monthly. Two years later, he withdrew RM 14,000 from the savings. Find the amount left in the account.

Answer 1

P = Po(1+r)^n.
r = 0.08/12 = 0.00666 = monthly % rate.
n = 12*2 = 24 compounding periods.
Calculate P and subtract the amount withdrawn.

Answer 2

Aris saved RM 25,000 at 8% compounded monthly. Two years later, he withdrew RM 14,000 from the savings. Find the amount left in the account.