Tshego won R165 000 and decided to deposit 65% of this amount in an account earning 8,25% interest per year, compounded every four months. The accumulated amount after five years is
[1] R248 203,55
. [2] R151 490,63.
[3] R247 862,83.
[4] R161 110,84.
[5] R161 332,31
Solution:
Given, P= R 165,000
Deposit amount = 65% of P
r = 8.25% ,n = 4, t = 5
PV
Hence option (5) is correct.
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