Question
A superannuation fund receives an amount of $430 at the end of each fortnight from one of its members. It invests this amount for the
A superannuation fund receives an amount of $430 at the end of each fortnight from one of its members. It invests this amount for the member in a cash fund that pays 6.2% p.a. compounded fortnightly. If this interest rate is maintained, how much would be in the member's account after 14 years, if no charges or taxes are deducted?
(Assume that there are 365 days and 26 fortnights per year. Give your answer to the nearest cent, omitting the dollar sign)
Step by Step Solution
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Step: 1
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Advanced Accounting
Authors: Joe Hoyle, Thomas Schaefer, Timothy Doupnik
10th edition
0-07-794127-6, 978-0-07-79412, 978-0077431808
