Exciting Financial Journey with Haza'!

How much money will Haza' have after putting 10000 AED in a savings account each month?

a. S = 10000(1.03)

b. S- 10000-10000(1.03)

c. 10000 - 10000(1.0025)

d. S = 10000(1.0025)

Answer:

To calculate how much money Haza' will have after one year, we can use the formula for compound interest.

To calculate how much money Haza' will have after one year, we can use the formula for compound interest: A = P(1+r/n)^(nt), where A is the final amount, P is the principal (initial amount), r is the annual interest rate, n is the number of times the interest is compounded per year, and t is the number of years. In this case, P = 10000, r = 0.03 (3% as a decimal), n = 12 (monthly compounding), and t = 1 (one year).

Plugging these values into the formula, we get: A = 10000(1+0.03/12)^(12*1) = 10000(1+0.0025)^12 = 10000(1.0025)^12.

Using a calculator, we can evaluate this expression to find that Haza' will have approximately 10303.81 AED after one year.

Exciting, right? Haza' is on the right track to reach their financial goals with this monthly savings plan!