SIMPLE AND COMPOUND INTEREST CASE STUDY Assuming that you graduated on December 31st 2020 from the University of Buraimi and immediately on the 1* of January 2021, you started working with the Royal Oman police in Muscat. Your salary is 600 OMR monthly and you decided to save 300 OMR at the end of every month beginning from the end of January 2021. You put your monthly savings of 300 OMR into a bank Muscat savings account and the bank agree to pay you a simple interest of 10% per annum. You made this savings for 20 years. At the end of every year you collect your savings together with the simple interest earned in Bank Muscat and take it to Bank Sohar and put it in an account that pays you a compound interest of 10% compounded annually,

SIMPLE AND COMPOUND INTEREST CASE STUDY Assuming that you graduated on December 31st 2020 from the University of Buraimi and immediately on the 1* of January 2021, you started working with the Royal Oman police in Muscat. Your salary is 600 OMR monthly and you decided to save 300 OMR at the end of every month beginning from the end of January 2021. You put your monthly savings of 300 OMR into a bank Muscat savings account and the bank agree to pay you a simple interest of 10% per annum. You made this savings for 20 years. At the end of every year you collect your savings together with the simple interest earned in Bank Muscat and take it to Bank Sohar and put it in an account that pays you a compound interest of 10% compounded annually,

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

Section: Chapter Questions

Problem 1PS

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