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Answer to Question #209560 in Financial Math for Girly

Question #209560

Moshe will need R145 000 in three years’ time, to open a bakery. He immediately starts to make monthly deposits into an account earning 11,05% interest per year, compounded monthly. Moshe’s monthly deposit is


1
Expert's answer
2021-06-29T16:45:45-0400

The following formula will be used to calculate the monthly deposit:



Calculate monthly deposit as follow:



therefore correct answer is option 2



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