Interest rate and fixed deposit account?
Question 1
jane, kamal and ahmad each decided to open a fixed deposit account of rm 10 000 for three years without any withdrawal.
- jane keeps the amount at an interest rate of 2.5% per annum for a duration of 1 month renewable at the end of each month.
- kamal keeps the amount at an interest rate of 3% per annum for a duration of 3 months renewable at the end of e
3 months.
- ahmad keeps the amount at an interest rate of 3.5% per annum for a duration of 6 months renewable at the end of e
6 months.
(a) find the total amount each of them will receive after three years.