You deposit SEK 2,000 in a bank account at the beginning of each year for 10 years.
What is the amount just after the tenth deposit if the interest rate has always been 3%?
(2000*(1.03^10−1))/1.03=
(2000*0.343)/0.03=
686/0.03=22866kr
Would that be right?
To calculate the amount just after the tenth deposit, you can use the formula for compound interest:
A = P * (1 + r)^n
Where:
A = the final amount
P = the principal amount (the initial deposit)
r = the interest rate
n = the number of times the interest is compounded
In this case, the principal amount (P) is SEK 2,000, the interest rate (r) is 3%, and the number of times the interest is compounded (n) is 10.
Plugging in the values into the formula:
A = 2000 * (1 + 0.03)^10
Calculating this equation:
A = 2000 * (1.03)^10
A ≈ 2000 * 1.344867
A ≈ 2689.73 SEK
Therefore, the amount just after the tenth deposit, with an interest rate of 3%, would be approximately 2689.73 SEK.