Question

The accumulated amount that you will receive after 52 months if you deposit R7 300 into an amount which earns 9,7% interest per year, compounded every second month, is

1.     R7 825,36.

2.     R10 368,43.

3.     R11 076,73.

4.     R8 388,53.

5.     none of the above.

Answer

5.     none of the above.

Answer 1

Computation of accumulated amount:-

Result of above table:-

Accumulated amount will be R 11,076.73.

 

Hence, 3^rd option is correct.