$8$

$3$ points

An amount of $R500$ is deposited into an account at the end of each month, starting one month from now and ending four years from now. The money in the account earns interest at a rate of $10\%$ p$.$a$.$ Rounded to the nearest cent, i$)$ the amount in the account at the end of the third year is

future value of the annuity is equal to $R$

$.$iii$)$ the total value of the annuity, calculated at the time that the twenty$-$fourth deposit is made, is equal to $R$