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Ramesh invested RM10,000 in Bank XX three years ago. The bank pays 10% simple interest per annum. He decided to withdraw all the money accumulated

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Ramesh invested RM10,000 in Bank XX three years ago. The bank pays 10% simple interest per annum. He decided to withdraw all the money accumulated in Bank XX and invest in Bank ZZ that gives 6% interest p.a. compounded quarterly. He plans to keep the money for 4 years in Bank ZZ. Calculate the accumulated amount at the end of the fourth year. (6 marks)

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