2000
Mathematics
67ca00ce0c643c71d77dee1f
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
Correct Answer: N76,800.00
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
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 =N76,800.00THIS WEEK's
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