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11) Mr. Putra decided to establish a savings account to help his son's education. He plans to (04) deposit 2000 per month in an
11) Mr. Putra decided to establish a savings account to help his son's education. He plans to (04) deposit 2000 per month in an account, beginning when the son is 13 months old. The savings and loan association has a current interest policy of 12% per annum, compounded quarterly. i) Assuming no change in the interest rate, how much will be in the savings account when Mr. Putra's son becomes 18 years old? ii) If the interest rate increases to 15% per annum compounded monthly from the 37th month onwards, what would be the accumulated amount in the account when Putra's son becomes 18 years old? (use formulas for calculations)
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