Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

nicky opened a savings account with a single deposit of R1000 on 1 April 2020. She then makes 18 monthly deposits of R700 at the

nicky opened a savings account with a single deposit of R1000 on 1 April 2020. She then makes 18 monthly deposits of R700 at the end of every month. Her first payment is made on 20 April 2020 and her last payment on 30 September 2021. the account earns interest at 15% per annum compounded monthly. determine the amount that should be in her savings account immediately after her last deposit is made (that is on 30 September 2021)

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

Students also viewed these Finance questions