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Interest on investor's accounts is added monthly by the bank even though interest rates are expressed in annual terms. The quoted interest rate (annual percentage
Interest on investor's accounts is added monthly by the bank even though interest rates are expressed in annual terms. The quoted interest rate (annual percentage rate) is 6% per annum. You opened an account and deposited R5 000 on 1 June 2022 for a fixed term of four years. Calculate the amount of interest that you would have earned by 31 December 2022. [Set your calculator on four decimals for calculations and round the final answer to the nearest rand. Slight rounding differences may occur - choose the alternative that is closest to your answer.] (a) R383 (b) R39 (c) R25 (d) R178
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