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Answer to Question #298294 in Financial Math for Fancy

Question #298294

Andile deposits R900 into a savings account paying 6,5% interest per year, compounded quarterly. After three and a half years he withdraws R1000 from the account and deposits it into a second account paying 11% simple interest per year. How much is the total amount accrued in the first account two years after withdrawing the R1000?

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