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Lucy decides to deposit at the end of every three months R1 200 into an account earning 9,91% per year, compounded quarterly. Determine the balance in this account after seven years.
in BNU1501 by Diamond (40.2k points) | 11 views

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We will use Future values principle,

F = x[(1 + i)^n – 1]/i   

   F = 1 200[(1 + 0.091/4)^(7x4)  – 1]/(0.091/4)

      =  R46 277.90
by Silver Status (31.3k points)
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