First, we need to calculate the accumulated amount of RMX after four years:
A = P(1 + r/n)^(nt)
Where:
A = accumulated amount
P = principal amount (initial deposit)
r = annual interest rate (6.5% or 0.065)
n = number of times interest is compounded per year (12 for monthly)
t = number of years (4)
So, for RMX after four years:
A = RMX(1 + 0.065/12)^(12*4)
A = RMX(1 + 0.00541667)^48
A = RMX(1.00541667)^48
A = 1.28290707RMX
Next, we add the RM2,000 deposited today to get the total accumulated amount after the next three years:
Total Accumulated Amount = 1.28290707RMX + 2,000
Given that the accumulated amount after 3 more years is RM11,500, we have:
1.28290707RMX + 2,000 = 11,500
Solving for RMX:
1.28290707RMX = 9,500
RMX = 9,500 / 1.28290707
RMX = 7,399.17
Therefore, the value of X is 7,399.17.
2. Four years ago, Remy deposited RMX in a savings account that paid interest at 6.5% compounded
monthly. Today, another RM2,000 is deposited into the same account. If the accumulated amount
in the account three years from now is RM11500, find the value of X.
1 answer
1 answer