Mr. Al Khasim deposited OMR 20,000 in a bank which offers a compound annual interest of 6%. How long will it takes him to get his amount matured for OMR 30,800 if the interest is compounded quarterly.

Mr. Al Khasim deposited OMR 20,000 in a bank which offers a compound annual interest of 6%. How long will it takes him to get his amount matured for OMR 30,800 if the interest is compounded quarterly.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Mr. Al Khasim deposited OMR 20,000 in a bank which offers a compound annual
interest of 6%. How long will it takes him to get his amount matured for OMR 30,800
if the interest is compounded quarterly.

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