A man wishes to keep his money in a savings deposit at 25% compound interest...

JAMB 2000

A man wishes to keep his money in a savings deposit at 25% compound interest so that after three years he can buy a car for N150,000. How much does he need to deposit?

A. N112,000.50
B. N96,000.00
C. N85,714.28
D. N76,800.00

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Correct Answer: Option D

Explanation

Amount A = P(1+r)ⁿ;
A = N150,000, r = 25%, n = 3.
150,000 = P(1+0.25)³ = P(1.25)³

P = 150,000/1.25³ =N76,800.00

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A man wishes to keep his money in a savings deposit at 25% compound interest...

Correct Answer: Option D

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