0 like 0 dislike
John pays R2 500 at the end of each quarter into a sinking fund for 9 years. Interest is 18% per year compounded quarterly. Calculate the amount John will receive at the end of 9 years.
in QMI1500 by Diamond (40.2k points) | 10 views

1 Answer

0 like 0 dislike
Using Future value,

F = x[(1 + i)^n – 1]/i   

 F = 2 500[(1 + 0.18/4)^(9x4)  – 1]/(0.18/4)

  = R215 409.91
by Silver Status (31.3k points)

Related questions

Welcome to MathsGee Skills Question and Answer Bank, a platform, where you can ask study questions and receive answers from other members of the community. Help is always 100% FREE!
MathsGee Q&A is the knowledge-sharing community where millions of students and experts put their heads together to crack their toughest homework questions.

Enter your email address:

Popular Courses

Python For First Timers
Python For Everyone