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Answer to Question #205407 in Financial Math for Samkelisiwe Ndwala

Question #205407

Mr Sundani wants to buy a car in three years’ time. He starts investing R3 000,00 per month at an interest rate of 13% per year, compounded monthly. Determine how much he will have after three years. 

 Question 16 Moses invests R3 745,35 at the end of each month at an interest rate of 14,5% per year, compounded monthly. How long will it take him to have R1 000 000,00? Give your answer to the nearest year.


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