An Engineering firm deposits Kshs.1,000,000 into a bank that pays an interest of 5% per annum compounding interest once a year. How much money will be in the bank after three years?

Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
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An Engineering firm deposits
Kshs.1,000,000 into a bank that
pays an interest
of 5% per annum compounding
interest once a year. How much
money will be
in the bank after three years?
Assume no withdrawals or new
deposits during
that period.
09:34 /
Transcribed Image Text:An Engineering firm deposits Kshs.1,000,000 into a bank that pays an interest of 5% per annum compounding interest once a year. How much money will be in the bank after three years? Assume no withdrawals or new deposits during that period. 09:34 /
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