The interest is 6% per annum, and the amount deposited is 500,000 on January 2016. If a member withdraws his amount on May 2016, what is the interest?
Md Ariful Islam
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Dr. Md Rushad Rahman
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6% per annum is .5% monthly (.5 * 12 = 6), so that's $2500.00 in interest per month ($500,000 *.5% = $2,500, or $500,000 * .005 = $2,500). If the member withdrew in May before the interest was calculated and paid out for the month of May, then $10,000.00 ($2,500 * 4) in interest. If after, then $12,500.00 ($2,500 * 5) in interest.
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