If Tk. 1000 is invested in an account paying 10% compounded monthly, how much would be the nearst ending balance at the end of 10 years?

If Tk. 1000 is invested in an account paying 10% compounded monthly, how much would be the nearst ending balance at the end of 10 years? Correct Answer None of these

To find the nearest ending balance, we can use the formula for compound interest:A = P * (1 + r/n)(n×t)where: P = Tk. 1,000 (the initial investment) r = 10% (the annual interest rate) n = 12 (compounded monthly) t = 10 yearsPlugging in the values, we get:A = 1000 × (1 + 0.1/12)(12×10) ≈ Tk. 2,594.49Therefore, the nearest ending balance at the end of 10 years is approximately Tk. 2,594.49.So, answer is None.
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