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What would be you total interest income

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Question - Suppose that at the beginning of October, you have 10.000 TL and go to a bank to open a term deposit account for the next three months (October, November, December). Bank officer tells you that their annual interest rate for this product is 200 basis points higher than the September 2020 corresponding inflation rate announced by TUIK. He also states that you would be earning monthly interest on the product. Assuming that this is a compounding interest question and the inflation rate announced would prevail in the next 3 months, what would be you total interest income at the end of December 2020? (Ignore tax etc.)

Reference no: EM132730341

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