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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

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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 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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