A teacher estimates that she will need 300000 naira to improve her house.She deposited 100000...

A teacher estimates that she will need 300000 naira to improve her house.She deposited 100000 naira in her savings account at 19/2% per annum compound interest.She then add 50000 naira to her savings account at the end of each year.Find her total savings after 3 years. And By how much are her total savings greater than or less than 300000?

Does any question worry you? Ask Here

To get notifications when anyone posts a new answer to this question,
Follow New Answers

Post an Answer

90% of Post-UTME Questions are from Past Questions - Get your copy now!

Answers (2)

Godswork
1 week ago
If my calculations are correct, at the end of the three year period, her savings had compunded to N295994.49k which is just about 4k shy of her N300k target.
  • Donproms: Going by the calculations, her savings at the end of the third year is 295,994.4875 naira and therefore she has a deficit of about 4005.5125 naira. pretty close right.
    Like 0    Dislike 0   1 week ago
Ask Your Own Question

Quick Questions

See More Questions
 
Thousands of Project Materials Available for instant download
N1Million Worth of  Unanswered Questions - See how to find them on Myschool. Click Here!
90% of Post-UTME Questions are from Past Questions - Get your copy now!