Question

An amount of R600 is invested every month for eight years. The applicable interest rate is 14,65% per year, compounded quarterly. The accumulated amount of these monthly payments is approximately

[1] R321 200.

[2] R57 600.

[3] R109 300.

[4] R107 500.

[5] R108 400

Answer 1

$FV=(R((1+r)^n-1))/r$

$=(3\cdot600((1+0.1465/4)^{8\cdot4}-1))/(0.1465/4)=R\ 107500$

Answer: [4] R107 500.