david wants to deposite 200 Rials each month , in a saving account in the next 4 years. savings will pay 3 percent interest anually. how much she will have at the end of the savings period?
FV=P{[1 + R]^N - 1/ R}
FV = 200 x {[ 1 + .03/12]^(4*12) - 1 / (0.03/12)}
FV = 200 x {[ 1.0025]^48 - 1 / 0.0025}
FV = 200 x {0.127328 / 0.0025}
FV = 200 x 50.9312
FV =10,186.24 - Riyals - David will have after 4 years or 48 months @ 3% compounded monthly.