smith decides to save Rs. 50,000 per year so that he can make a down payment on a house in 6 years. If he makes the payments at the end of each year, assume an interest of 6% compounded monthly, how much will he have accumulate at the end of 6 years?
Question
Updated 346 days ago|7/4/2023 12:32:07 AM
This conversation has been flagged as incorrect.
f
Original conversation
User: smith decides to save Rs. 50,000 per year so that he can make a down payment on a house in 6 years. If he makes the payments at the end of each year, assume an interest of 6% compounded monthly, how much will he have accumulate at the end of 6 years?

Weegy: Try this: [www.webmath.com/index.html]

Question
Updated 346 days ago|7/4/2023 12:32:07 AM
This conversation has been flagged as incorrect.
Rating
3
To calculate the accumulated amount at the end of 6 years, we can use the future value of an ordinary annuity formula, taking into account the annual payments of Rs. 50,000 and the 6% interest compounded monthly.

The formula to calculate the future value of an ordinary annuity is:

FV = P * [(1 + r/n)^(n*t) - 1] / (r/n)

Where:
FV = Future value (accumulated amount)
P = Annual payment amount
r = Interest rate (in decimal form)
n = Number of compounding periods per year
t = Number of years

In this case:
P = Rs. 50,000
r = 6% = 0.06 (6% expressed as a decimal)
n = 12 (compounded monthly)
t = 6 years

Plugging these values into the formula, we have:

FV = 50000 * [(1 + 0.06/12)^(12*6) - 1] / (0.06/12)

Calculating this expression, we find that Smith will accumulate approximately Rs. 350,694.77 at the end of 6 years.
Added 346 days ago|7/4/2023 12:32:07 AM

39,224,134
*
Get answers from Weegy and a team of really smart live experts.
Popular Conversations
which one of the following phrases is an example of consonance
Weegy: Consonance refers to repetition of sounds produced by consonants within a sentence or phrase. User: ...
Which ICS function is responsible for documentation of mutual aid ...
Weegy: The Incident Command System (ICS) is a standardized management tool for meeting the demands of small or large ...
1 Who is the founder of the modern concept of marginal analysis?
Weegy: Marginal analysis - An examination of the additional benefits of an activity compared to the additional costs of ...
6. What type of journal entry is used to record a sale on credit? A) ...
Weegy: The asset account Accounts Receivable is increased with a DEBIT. User: 7. Who is responsible for ensuring ...
What was a muckraker?
Weegy: Muckrakers were investigative reporters and writers during the Progressive Era (1890 1920) who wrote about ...
Which of the following organizations provides the cpc credentials
Weegy: Certified Professional Coder certification is standard for medical coding in physician office settings. User: ...
which of the following is the smallest value
Weegy: Vatican City, officially called The Holy See, is the smallest country in the world and is located within a ...
*
Get answers from Weegy and a team of really smart live experts.
S
L
Points 271 [Total 287] Ratings 1 Comments 261 Invitations 0 Offline
S
L
Points 59 [Total 765] Ratings 0 Comments 59 Invitations 0 Online
S
Points 52 [Total 52] Ratings 0 Comments 52 Invitations 0 Offline
S
L
Points 46 [Total 3156] Ratings 0 Comments 46 Invitations 0 Offline
S
L
R
Points 29 [Total 4000] Ratings 0 Comments 29 Invitations 0 Offline
S
L
1
1
1
1
Points 10 [Total 2356] Ratings 1 Comments 0 Invitations 0 Offline
S
L
C
1
Points 10 [Total 2862] Ratings 0 Comments 0 Invitations 1 Offline
S
L
Points 7 [Total 1587] Ratings 0 Comments 7 Invitations 0 Offline
S
Points 5 [Total 5] Ratings 0 Comments 5 Invitations 0 Offline
S
L
L
1
P
1
L
P
P
Points 4 [Total 14553] Ratings 0 Comments 4 Invitations 0 Offline
* Excludes moderators and previous
winners (Include)
Home | Contact | Blog | About | Terms | Privacy | © Purple Inc.