Question

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

Answer 1

600 x 1.115 x 1.115 = 745.94

[3] 745, 94