Read the information below and answer the questions that follow. INFORMATION You deposit R10 000 in...
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Read the information below and answer the questions that follow. INFORMATION You deposit R10 000 in a bank account which is paying 4.8% per year, interest compounded annually. REQUIRED 1.2.1 How much will you have accumulated in the account in 5 years' time? 1.2.2 What will you have accumulated if the interest rate is compounded monthly? (2 marks) (3 marks) Read the information below and answer the questions that follow. INFORMATION You deposit R10 000 in a bank account which is paying 4.8% per year, interest compounded annually. REQUIRED 1.2.1 How much will you have accumulated in the account in 5 years' time? 1.2.2 What will you have accumulated if the interest rate is compounded monthly? (2 marks) (3 marks)
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Answer rating: 100% (QA)
121 FV P 1 rnnt Where P is the present value of the account initial deposit ... View the full answer
Related Book For
Foundations of Finance The Logic and Practice of Financial Management
ISBN: 978-0132994873
8th edition
Authors: Arthur J. Keown, John D. Martin, J. William Petty
Posted Date:
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