Question

Mrs. Thompson deposited $150 000 for three (3) years in a savings account at the bank at a compounded interest rate of 20% per annum. ∙ At the end of the first year, she withdrew $40 000 to pay her daughter’s university fees. ∙ At the end of year two, she deposited an additional $25 000 to the account. Calculate the amount she has in her account at the end of the three years.

Answer 1

Answer: 150,000 x3=450000 and 40,000-25,000=65000

65,000+450,000=515000 thats your answer

Explanation: