RM1000 was deposited on 29th April 2019. Find the accumulated value if the money is withdrawn on 21st February 2020, with the simple interest rate of 6%, and consider the time is counted using: (a) Exact simple interest. (b) Ordinary simple interest. (c) Banker's Rule. 4.

RM1000 was deposited on 29th April 2019. Find the accumulated value if the money is withdrawn on 21st February 2020, with the simple interest rate of 6%, and consider the time is counted using: (a) Exact simple interest. (b) Ordinary simple interest. (c) Banker's Rule. 4.

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 36P

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Question

RM1000 was deposited on 29th April 2019. Find the accumulated value if the money
is withdrawn on 21st February 2020, with the simple interest rate of 6%, and
consider the time is counted using:
4.
(a) Exact simple interest.
(b) Ordinary simple interest.
(c) Banker's Rule.

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