On March 12, Nada joined a saving account. Her bank will automatically deduct BD 200 from her checking account at the end of each month, and deposit it into her saving account, where it will earn 5 % annual interest. The account comes to term on December 1. Find the following: a. Find the future value of Nada’s saving account. b. Find Nada’s total contribution to the account. c. Find the total interest earned on the account.
On March 12, Nada joined a saving account. Her bank will automatically deduct BD 200 from her checking account at the end of each month, and deposit it into her saving account, where it will earn 5 % annual interest. The account comes to term on December 1. Find the following: a. Find the future value of Nada’s saving account. b. Find Nada’s total contribution to the account. c. Find the total interest earned on the account.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
On March 12, Nada joined a saving account. Her bank will automatically deduct BD 200 from her checking account at the end of each month, and deposit it into her saving account, where it will earn 5 % annual interest. The account comes to term on December 1. Find the following:
a. Find the future value of Nada’s saving account.
b. Find Nada’s total contribution to the account.
c. Find the total interest earned on the account.
a.
a.1899 b.1800 c. 99 BD
b.
a.1949 b.1900 c. 49 BD
c.
a.1149 b.1100 c. 49 BD
d.
a.1829 b.1800 c. 29 BD
e.
a.2839 b.2800 c. 39 BD
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