Mr. Kamal wants to get RM50 000 in his fixed deposit account within 8 years. What is the minimum amount of money (round off to the nearest money) that needs to be deposited in the fixed deposit account which pays a compound interest of 7.5% per year?

Question

06-02-2022
Mathematics

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Mr. Kamal wants to get RM50 000 in his fixed deposit account within 8 years. What is the minimum amount of money (round off to the nearest money) that needs to be deposited in the fixed deposit account which pays a compound interest of 7.5% per year?

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