Question 5 For four years Jack paid R4 500 per month into a savings account earning 6,9% interest per year, compounded monthly. He then stopped his 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 he stopped his monthly payments, is

[1] R491 413,14.

[2] R373 185,53.

[3] R247 935,56.

[4] R216 000,00.

[5] R188 285,49.