Question

Aperson invest 10,000 shillings for 40 months compounded monthly. Find the accumulated amount If the rate is 5% per annum.​

Answer 1

hi

monthly interest rate is :
`\sqrt[12]{1.05}`

So in forty month there will be : 10 000 * (
`\sqrt[12]{1.05}` )^40 ≈11 776,06