SIMPLE AND COMPOUND INTEREST CASE STUDY Assuming that you graduated this December 31st 2020 from the University of Burai

[answerhappygod]

Simple And Compound Interest Case Study Assuming That You Graduated This December 31st 2020 From The University Of Burai 1 (60.45 KiB) Viewed 36 times

SIMPLE AND COMPOUND INTEREST CASE STUDY Assuming that you graduated this 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. Questions: a) What is the amount of simple interest you earn each year in Bank Muscat? b) What is the total amount that you saved yearly without the simple interest? c) What is the total amount (principal + simple interest) you have in bank Muscat at the end of every year that you transferred to bank Sohar. d) In all these 20 years, how much was your actual savings and how much simple interest did you earn. e) What is the future value of all the money that you put in bank Sohar. f) What is the actual amount that you invested in bank Sohar without the compound interest? What is the total compound interest that you earned in Bank Sohar. i) When you retire from the Royal Oman Police after 20 years of service how much is the value of your savings and investment. NOTE: You may use formula and/or tables in excel sheet to show your calculations.