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
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monthly, after how many years and months will you have N$ 100,000? Round your
answer to one decimal place.
2 answers
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
0 answers