Juma deposited a TSH 230000 at a bank that offer a rate of 9% per annual at a period of 18 years, if the amount is compounded monthly find the total amount deposited and future value?

To find the total amount deposited, we need to multiply the initial deposit by the number of months in the period:

Total amount deposited = Initial deposit * Number of months
Total amount deposited = TSH 230000 * 18 * 12
Total amount deposited = TSH 496,800,000

To find the future value, we can use the formula for compound interest:

Future value = Initial deposit * (1 + (interest rate/number of compounding periods))^(number of compounding periods * number of years)

In this case, the interest rate is 9% per year, compounded monthly. So the interest rate per month is 9%/12 = 0.75%.

Future value = TSH 230000 * (1 + (0.75%/100))^(12 * 18)
Future value = TSH 230000 * (1 + 0.0075)^(216)
Future value = TSH 230000 * (1.0075)^(216)
Future value ≈ TSH 1,014,365.72

Therefore, the total amount deposited is TSH 496,800,000 and the future value is approximately TSH 1,014,365.72.