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To calculate the amount of money we will have after depositing 3000 soles at a 3% annual interest rate for 20 months, we can follow these steps:
1. First, we need to convert the annual interest rate to a monthly rate. Since there are 12 months in a year, we divide the annual interest rate by 12 to get the monthly interest rate:
3% annual interest rate / 12 months = 0.25% monthly interest rate
2. Next, we calculate the interest earned over 20 months by multiplying the initial deposit by the monthly interest rate and the number of months:
Interest = 3000 soles * 0.25% * 20 months
3. After calculating the interest earned, we add it to the initial deposit to find out how much money we will have at the end of 20 months:
Total money = Initial deposit + Interest
By following these steps, you can determine the total amount of money you will have after depositing 3000 soles at a 3% annual interest rate for 20 months.
