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Exercise 2: [5 marks] Lerato deposits R20000 annually into a savings account that earns 6.85% compounded annually. Due to a change in employment, these

Exercise 2: [5 marks] Lerato deposits R20000 annually into a savings account that earns 6.85% compounded annually. Due to a change in employment, these deposits stop after 10 years, but the account continues to earn interest until Lerato retires 25 years after the last deposit is made. How much is in the account when Lerato retires?

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