1 answer

Compounded monthly. 5. Amir decides to set aside AED6000 at the end of each month for...

Question:

Compounded monthly. 5. Amir decides to set aside AED6000 at the end of each month for his daughters marriage. If the daughte
Compounded monthly. 5. Amir decides to set aside AED6000 at the end of each month for his daughter's marriage. If the daughter were to be born today, how much will be available for her marriage when she turns 20 years old? Assume an interest rate of 8% compounded quarterly.

Answers

MONTH OPENING BALANCE DEPOSIT INTEREST CLOSING BALANCE
1 0 6000 0.00 6000.00
2 6000.00 6000 0.00 12000.00
3 12000.00 6000 160.00 18160.00
4 18160.00 6000 0.00 24160.00
5 24160.00 6000 0.00 30160.00
6 30160.00 6000 886.40 37046.40
7 37046.40 6000 0.00 43046.40
8 43046.40 6000 0.00 49046.40
9 49046.40 6000 1641.86 56688.26
10 56688.26 6000 0.00 62688.26
11 62688.26 6000 0.00 68688.26
12 68688.26 6000 2427.53 77115.79
13 77115.79 6000 0.00 83115.79
14 83115.79 6000 0.00 89115.79
15 89115.79 6000 3244.63 98360.42
16 98360.42 6000 0.00 104360.42
17 104360.42 6000 0.00 110360.42
18 110360.42 6000 4094.42 120454.83
19 120454.83 6000 0.00 126454.83
20 126454.83 6000 0.00 132454.83
21 132454.83 6000 4978.19 143433.03
22 143433.03 6000 0.00 149433.03
23 149433.03 6000 0.00 155433.03
24 155433.03 6000 5897.32 167330.35
25 167330.35 6000 0.00 173330.35
26 173330.35 6000 0.00 179330.35
27 179330.35 6000 6853.21 192183.56
28 192183.56 6000 0.00 198183.56
29 198183.56 6000 0.00 204183.56
30 204183.56 6000 7847.34 218030.91
31 218030.91 6000 0.00 224030.91
32 224030.91 6000 0.00 230030.91
33 230030.91 6000 8881.24 244912.14
34 244912.14 6000 0.00 250912.14
35 250912.14 6000 0.00 256912.14
36 256912.14 6000 9956.49 272868.63
37 272868.63 6000 0.00 278868.63
38 278868.63 6000 0.00 284868.63
39 284868.63 6000 11074.75 301943.37
40 301943.37 6000 0.00 307943.37
41 307943.37 6000 0.00 313943.37
42 313943.37 6000 12237.73 332181.11
43 332181.11 6000 0.00 338181.11
44 338181.11 6000 0.00 344181.11
45 344181.11 6000 13447.24 363628.35
46 363628.35 6000 0.00 369628.35
47 369628.35 6000 0.00 375628.35
48 375628.35 6000 14705.13 396333.49
49 396333.49 6000 0.00 402333.49
50 402333.49 6000 0.00 408333.49
51 408333.49 6000 16013.34 430346.82
52 430346.82 6000 0.00 436346.82
53 436346.82 6000 0.00 442346.82
54 442346.82 6000 17373.87 465720.70
55 465720.70 6000 0.00 471720.70
56 471720.70 6000 0.00 477720.70
57 477720.70 6000 18788.83 502509.53
58 502509.53 6000 0.00 508509.53
59 508509.53 6000 0.00 514509.53
60 514509.53 6000 20260.38 540769.91
61 540769.91 6000 0.00 546769.91
62 546769.91 6000 0.00 552769.91
63 552769.91 6000 21790.80 580560.70
64 580560.70 6000 0.00 586560.70
65 586560.70 6000 0.00 592560.70
66 592560.70 6000 23382.43 621943.13
67 621943.13 6000 0.00 627943.13
68 627943.13 6000 0.00 633943.13
69 633943.13 6000 25037.73 664980.86
70 664980.86 6000 0.00 670980.86
71 670980.86 6000 0.00 676980.86
72 676980.86 6000 26759.23 709740.09
73 709740.09 6000 0.00 715740.09
74 715740.09 6000 0.00 721740.09
75 721740.09 6000 28549.60 756289.69
76 756289.69 6000 0.00 762289.69
77 762289.69 6000 0.00 768289.69
78 768289.69 6000 30411.59 804701.28
79 804701.28 6000 0.00 810701.28
80 810701.28 6000 0.00 816701.28
81 816701.28 6000 32348.05 855049.33
82 855049.33 6000 0.00 861049.33
83 861049.33 6000 0.00 867049.33
84 867049.33 6000 34361.97 907411.31
85 907411.31 6000 0.00 913411.31
86 913411.31 6000 0.00 919411.31
87 919411.31 6000 36456.45 961867.76
88 961867.76 6000 0.00 967867.76
89 967867.76 6000 0.00 973867.76
90 973867.76 6000 38634.71 1018502.47
91 1018502.47 6000 0.00 1024502.47
92 1024502.47 6000 0.00 1030502.47
93 1030502.47 6000 40900.10 1077402.57
94 1077402.57 6000 0.00 1083402.57
95 1083402.57 6000 0.00 1089402.57
96 1089402.57 6000 43256.10 1138658.67
97 1138658.67 6000 0.00 1144658.67
98 1144658.67 6000 0.00 1150658.67
99 1150658.67 6000 45706.35 1202365.02
100 1202365.02 6000 0.00 1208365.02
101 1208365.02 6000 0.00 1214365.02
102 1214365.02 6000 48254.60 1268619.62
103 1268619.62 6000 0.00 1274619.62
104 1274619.62 6000 0.00 1280619.62
105 1280619.62 6000 50904.78 1337524.40
106 1337524.40 6000 0.00 1343524.40
107 1343524.40 6000 0.00 1349524.40
108 1349524.40 6000 53660.98 1409185.38
109 1409185.38 6000 0.00 1415185.38
110 1415185.38 6000 0.00 1421185.38
111 1421185.38 6000 56527.42 1483712.79
112 1483712.79 6000 0.00 1489712.79
113 1489712.79 6000 0.00 1495712.79
114 1495712.79 6000 59508.51 1561221.31
115 1561221.31 6000 0.00 1567221.31
116 1567221.31 6000 0.00 1573221.31
117 1573221.31 6000 62608.85 1641830.16
118 1641830.16 6000 0.00 1647830.16
119 1647830.16 6000 0.00 1653830.16
120 1653830.16 6000 65833.21 1725663.37
121 1725663.37 6000 0.00 1731663.37
122 1731663.37 6000 0.00 1737663.37
123 1737663.37 6000 69186.53 1812849.90
124 1812849.90 6000 0.00 1818849.90
125 1818849.90 6000 0.00 1824849.90
126 1824849.90 6000 72674.00 1903523.90
127 1903523.90 6000 0.00 1909523.90
128 1909523.90 6000 0.00 1915523.90
129 1915523.90 6000 76300.96 1997824.85
130 1997824.85 6000 0.00 2003824.85
131 2003824.85 6000 0.00 2009824.85
132 2009824.85 6000 80072.99 2095897.85
133 2095897.85 6000 0.00 2101897.85
134 2101897.85 6000 0.00 2107897.85
135 2107897.85 6000 83995.91 2197893.76
136 2197893.76 6000 0.00 2203893.76
137 2203893.76 6000 0.00 2209893.76
138 2209893.76 6000 88075.75 2303969.51
139 2303969.51 6000 0.00 2309969.51
140 2309969.51 6000 0.00 2315969.51
141 2315969.51 6000 92318.78 2414288.29
142 2414288.29 6000 0.00 2420288.29
143 2420288.29 6000 0.00 2426288.29
144 2426288.29 6000 96731.53 2529019.82
145 2529019.82 6000 0.00 2535019.82
146 2535019.82 6000 0.00 2541019.82
147 2541019.82 6000 101320.79 2648340.61
148 2648340.61 6000 0.00 2654340.61
149 2654340.61 6000 0.00 2660340.61
150 2660340.61 6000 106093.62 2772434.24
151 2772434.24 6000 0.00 2778434.24
152 2778434.24 6000 0.00 2784434.24
153 2784434.24 6000 111057.37 2901491.61
154 2901491.61 6000 0.00 2907491.61
155 2907491.61 6000 0.00 2913491.61
156 2913491.61 6000 116219.66 3035711.27
157 3035711.27 6000 0.00 3041711.27
158 3041711.27 6000 0.00 3047711.27
159 3047711.27 6000 121588.45 3175299.72
160 3175299.72 6000 0.00 3181299.72
161 3181299.72 6000 0.00 3187299.72
162 3187299.72 6000 127171.99 3320471.71
163 3320471.71 6000 0.00 3326471.71
164 3326471.71 6000 0.00 3332471.71
165 3332471.71 6000 132978.87 3471450.58
166 3471450.58 6000 0.00 3477450.58
167 3477450.58 6000 0.00 3483450.58
168 3483450.58 6000 139018.02 3628468.60
169 3628468.60 6000 0.00 3634468.60
170 3634468.60 6000 0.00 3640468.60
171 3640468.60 6000 145298.74 3791767.35
172 3791767.35 6000 0.00 3797767.35
173 3797767.35 6000 0.00 3803767.35
174 3803767.35 6000 151830.69 3961598.04
175 3961598.04 6000 0.00 3967598.04
176 3967598.04 6000 0.00 3973598.04
177 3973598.04 6000 158623.92 4138221.96
178 4138221.96 6000 0.00 4144221.96
179 4144221.96 6000 0.00 4150221.96
180 4150221.96 6000 165688.88 4321910.84
181 4321910.84 6000 0.00 4327910.84
182 4327910.84 6000 0.00 4333910.84
183 4333910.84 6000 173036.43 4512947.28
184 4512947.28 6000 0.00 4518947.28
185 4518947.28 6000 0.00 4524947.28
186 4524947.28 6000 180677.89 4711625.17
187 4711625.17 6000 0.00 4717625.17
188 4717625.17 6000 0.00 4723625.17
189 4723625.17 6000 188625.01 4918250.17
190 4918250.17 6000 0.00 4924250.17
191 4924250.17 6000 0.00 4930250.17
192 4930250.17 6000 196890.01 5133140.18
193 5133140.18 6000 0.00 5139140.18
194 5139140.18 6000 0.00 5145140.18
195 5145140.18 6000 205485.61 5356625.79
196 5356625.79 6000 0.00 5362625.79
197 5362625.79 6000 0.00 5368625.79
198 5368625.79 6000 214425.03 5589050.82
199 5589050.82 6000 0.00 5595050.82
200 5595050.82 6000 0.00 5601050.82
201 5601050.82 6000 223722.03 5830772.85
202 5830772.85 6000 0.00 5836772.85
203 5836772.85 6000 0.00 5842772.85
204 5842772.85 6000 233390.91 6082163.77
205 6082163.77 6000 0.00 6088163.77
206 6088163.77 6000 0.00 6094163.77
207 6094163.77 6000 243446.55 6343610.32
208 6343610.32 6000 0.00 6349610.32
209 6349610.32 6000 0.00 6355610.32
210 6355610.32 6000 253904.41 6615514.73
211 6615514.73 6000 0.00 6621514.73
212 6621514.73 6000 0.00 6627514.73
213 6627514.73 6000 264780.59 6898295.32
214 6898295.32 6000 0.00 6904295.32
215 6904295.32 6000 0.00 6910295.32
216 6910295.32 6000 276091.81 7192387.13
217 7192387.13 6000 0.00 7198387.13
218 7198387.13 6000 0.00 7204387.13
219 7204387.13 6000 287855.49 7498242.62
220 7498242.62 6000 0.00 7504242.62
221 7504242.62 6000 0.00 7510242.62
222 7510242.62 6000 300089.70 7816332.32
223 7816332.32 6000 0.00 7822332.32
224 7822332.32 6000 0.00 7828332.32
225 7828332.32 6000 312813.29 8147145.62
226 8147145.62 6000 0.00 8153145.62
227 8153145.62 6000 0.00 8159145.62
228 8159145.62 6000 326045.82 8491191.44
229 8491191.44 6000 0.00 8497191.44
230 8497191.44 6000 0.00 8503191.44
231 8503191.44 6000 339807.66 8848999.10
232 8848999.10 6000 0.00 8854999.10
233 8854999.10 6000 0.00 8860999.10
234 8860999.10 6000 354119.96 9221119.06
235 9221119.06 6000 0.00 9227119.06
236 9227119.06 6000 0.00 9233119.06
237 9233119.06 6000 369004.76 9608123.82
238 9608123.82 6000 0.00 9614123.82
239 9614123.82 6000 0.00 9620123.82
240 9620123.82 6000 384484.95 10010608.78

So amount available for marriage will be cumulative balance after 20 year (20 years *12 months = 240 months) will be AED 10,010,608.78

.

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