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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

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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)

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