A fund earning 4% effective has a balance of $1,000 at the beginning of the year....
A fund earning 4% effective has a balance of $1,000 at the beginning of the year. If $200 is added to the fund at the end of three months and if $300 is withdrawn from the fund at the end of nine months, find the ending balance under the assumption that simple interest approximation is used.
please solve it without table and excal
Homework Answers
Answer: $943
After end of 1 year the ending amount = ending principal + simpel itnerest earned during the year.
Ending principal = 1000 + 200 - 300 = 900
Simple interest earned = 1000*4% + 200*3% - 300*1% = 40 + 6 - 3 = 43
Ending balance = 900 + 43 = $943
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