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Jonathan opens a bank savings account on the last day of the year 2010 with a deposit of \(\mathrm{R} 2500\).

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Jonathan opens a bank savings account on the last day of the year 2010 with a deposit of \(\mathrm{R} 2500\). He intends to make regular monthly payments of R1500 at the end of each month in 2011 and the first four months of 2012 in order to finance his overseas trip in May 2012. Interest for the entire period is calculated at \(9 \%\) per annum compounded monthly. Assuming he achieves this aim, except for one missed payment at the end of February 2011, how much money will he have had in his account by the beginning of May 2012?
in Mathematics by ♦ Diamond (75,025 points) | 13 views

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