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A couple wants to achieve an investment sum of R100 000 in 5 years’ time. They found an investment product that earns interest at 15% per annum, compounded monthly. How much should the couple invest now in order to reach their goal?
in QMI1500 by Diamond (40.2k points) | 9 views

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A = P (1+R/n)^nt R100 000= P( 1+0.15/12)^60 P = R100 000/(1.0125)^60 = R47 456.76
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