i invest RM 500 at a fixed amount rate interest of 5%. At the and of the first year i shall have RM 525 in my account. I live the money in the account for 6 years.
(a) after how many years will my account first have more than RM 600?
(ans:4)
(b) How much money shall i have in the account at the end of the sixth year?
(ans: rm 670.04)
tq for your time
nik
The interest is charged for 4 years
Each year the interest remains same
P*R hence it becomes the common difference
and the Principal(P) is the first term of AP
Hence you needed to find the 5th term (ie; end of 4th year) using
where d is common difference , a is the first term and n is the term number