Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

An amount of R30032.75 is deposited into a bank account at the beginning of 2018. The account earns interest at a rate of 14.28% p.a.,

image text in transcribed
An amount of R30032.75 is deposited into a bank account at the beginning of 2018. The account earns interest at a rate of 14.28% p.a., compounded 5 times per year. What amount will be in the account at the end of 2030? (Give your answer rounded to 2 decimal places. If you think the answer is R1012.3456, type in 1012.35)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Finance Fundamentals For Nonprofits

Authors: Woods Bowman

1st Edition

1118004515, 9781118004517

More Books

Students also viewed these Finance questions

Question

Describe the bar setup. LO.1

Answered: 1 week ago

Question

Discuss how selfesteem is developed.

Answered: 1 week ago