Question

when you were born your dear old Aunt Minnie promised to deposit OMR 500 into a savings account bearing a 5% compounded annual rate on each birthday. beginning with your first . you have just turned 21 and want the dough. however it turns out that dear old (forgetful) aunt minnie made no deposits on your fifth and eleventh birthdays. how much is in the account right now ?

a- omr 16,768.19

b-21,000.00

c-10,500.00

d-17,859.63

e-15,953.74

Answer #1

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