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A man deposits $\mathrm{R} 1,000$ into a savings account which earns interest as follows:

- Simple interest at a rate of $5 \%$ per annum over the first five years.
- Effective compound interest of $7 \%$ per annum over the next three years.
- Effective compound interest of $0.5 \%$ per month over the next four years.
- Nominal rate of discount of $8 \%$ per annum compounded monthly over the last four years.
Calculate the accumulated value in the account after 16 years.
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$1,000 \times(1+0.05(5)) \times(1.07)^{3} \times(1.005)^{48} \times\left(1-\frac{0.08}{12}\right)^{-48}=2,682.08$
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