Question #243946

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

2021-09-29T15:50:37-0400

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




Calculate monthly deposit as follow:





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