A sum of money,X was deposited in a saving account at 10 percent compounded daily on 25 july 1993. on 13 august 1993, rm600 was withdrawn and the balance as on 31 december 1993 was RM 8900.calculate the value of X using exact time and 360 day year.

Question

A sum of money,X was deposited in a saving  account at 10 percent compounded daily on 25 july  1993. on 13 august 1993, rm600 was withdrawn and the balance as on 31 december 1993 was RM 8900.calculate the value of X using exact time and 360 day year.

Steve · Answer

I'll just guess at the numbers of days involved. You can find out exactly and adjust the expression. (x(1+.10/360)^20 - 600)(1+.10/360)^108 = 8900 x = 9185.83

selena · Answer

RM8,900 = [ X (1+0.1/360)^19 - RM600](1+0.1/360)^140
RM8,900/(1+0.1/360)^140 = X (1+0.1/360)^19 - RM600
RM8560.58 + RM600 = X (1+0.1/360)^19
RM9160.58 = X (1+0.1/360)^19
RM9160.58/(1+0.1/360)^19 = X
RM9112.36 = X

Therefore, X is RM9112.36#