Answer to Question #329110 in Economics for Bea

Question #329110

Suppose Bert deposited an amount of R600 at the end of every year into an account earning 11,5% interest per year for 3 years. Determine the accumulated amount at the end of year 3.

[1]. 730

[2]. 1320

[3] 745, 94

[4] 134, 23

Expert's answer

600 x 1.115 x 1.115 = 745.94

[3] 745, 94

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