Answer to Question #189551 in Financial Math for ntombi mshango

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

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

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

$=18988,3093$

$=R18,988,31$