Question

The accumulated amount that you will receive after 38 months if you deposit R13 300 into an account where money is worth 11,35% per year, compounded every two months is

[1] R15 690,19.

[2] R18 080,24.

[3] R14 117,08.

[4] R18 865,83

.[5] R18 988,31.

Answer 1

$A=P(1+\frac{r}{i})^{n}$

$=13300(1+\frac{11.36}{6})^{\frac{38}{12}\times 6}$

$=18988,3093$

$=R18,988,31$