Joy deposited

Joy deposited the sum of 50,000 in her bank account. After 5 months, she made another deposit of 125,000 and 6 months a lap before the withdrawal of 12,000 nairas. If the interest rate is 5% per annual, calculate how much she should have in her account.

Correct answer:

x =  168497.745

Step-by-step explanation:

$$\begin{gathered} a=50000 \\ {r}_1=5\%=\frac{5}{100}=\frac{1}{20}=0.05 \\ {r}_2=1+r_1/12=1+0.05/12=\frac{241}{240}=1\frac{1}{240}\doteq 1.0042 \\ b=125000 \\ c=12000 \\ {x}_5=a\cdot r_2^5+b=50000\cdot 1.0042^5+125000\doteq 176050.3835 \\ {x}_{13}=x_5\cdot r_2^6=176050.3835\cdot 1.0042^6\doteq 180497.745 \\ x=x_{13}-c=180497.745-12000=168497.745 \end{gathered}$$

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