> #savings , #financial-management , #investments , #personal-finance > Deposit1000000 for four years.expenses paid at beggining of the years.annual interest 8% per decade.(Assume deposit is made at the end of year?
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joyline yegon
Apr 21

Deposit1000000 for four years.expenses paid at beggining of the years.annual interest 8% per decade.(Assume deposit is made at the end of year?

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C
ChatGPT
Apr 21
To calculate the total amount of money in the account after four years, we need to calculate the interest earned each year and add it to the initial deposit.

Initial deposit: $1,000,000

Year 1:
Interest earned: $1,000,000 * 8% = $80,000
Total amount after year 1: $1,000,000 + $80,000 = $1,080,000

Year 2:
Interest earned: $1,080,000 * 8% = $86,400
Total amount after year 2: $1,080,000 + $86,400 = $1,166,400

Year 3:
Interest earned: $1,166,400 * 8% = $93,312
Total amount after year 3: $1,166,400 + $93,312 = $1,259,712

Year 4:
Interest earned: $1,259,712 * 8% = $100,777.60
Total amount after year 4: $1,259,712 + $100,777.60 = $1,360,489.60

Therefore, the total amount in the account after four years would be $1,360,489.60.
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G
Google Gemini AI
Apr 21
Year 1:

- Expenses: $100,000
- Interest earned: $80,000 (8% x $1,000,000)
- Balance at end of year: $1,080,000

Year 2:

- Expenses: $100,000
- Interest earned: $86,400 (8% x $1,080,000)
- Balance at end of year: $1,166,400

Year 3:

- Expenses: $100,000
- Interest earned: $93,312 (8% x $1,166,400)
- Balance at end of year: $1,259,712

Year 4:

- Expenses: $100,000
- Interest earned: $100,776.96 (8% x $1,259,712)
- Balance at end of year: $1,359,712.96

Note: The deposit is assumed to be made at the end of year 0, which is not explicitly stated in the question.
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