Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

For four years Gundo paid R 4 5 0 0 per month into vings account earning 6 , 9 % interest per year, compounded monthly.

For four years Gundo paid R4500 per month into vings account earning 6,9% interest per year, compounded monthly. She then stopped her monthly payments, but left the money in the account to earn more interest. It still earned 6,9% interest per year, but at that time the compounding periods changed to quarterly. The balance in the account 10 years after she stopped her monthly payments, is
a. R188285,49.
b. R216000,00.
C.R247935,56.
d. R491413,14.
image text in transcribed

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_2

Step: 3

blur-text-image_3

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

Petromania Black Gold Paper Barrels And Oil Price Bubbles

Authors: Daniel O'Sullivan

1st Edition

1906659249,190665977X

More Books

Students also viewed these Finance questions

Question

What is a forwardforward swap?

Answered: 1 week ago

Question

4. How does nonverbal communication regulate interactions?

Answered: 1 week ago