Simple and Compound Interest
 

Simple and Compound Interest problem 36


Mirand decides to invest some of her savings in a bank for possible rainy times. Thus, at the beginning of the calendar year, she invests € 76100 in the bank. She then decides to withdraw € 710 at the end of each year for the entire time of saving. Calculate how much money she will have left after 2 years if the bank pays interest at 9% interest rate at the annual capitalization.


 

material editor: Theophilus Borgbara