A student opens a savings account with an initial deposit of R2000. Thereafter the student makes eight, equal, monthly d

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A student opens a savings account with an initial deposit of R2000. Thereafter the student makes eight, equal, monthly d

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A Student Opens A Savings Account With An Initial Deposit Of R2000 Thereafter The Student Makes Eight Equal Monthly D 1
A Student Opens A Savings Account With An Initial Deposit Of R2000 Thereafter The Student Makes Eight Equal Monthly D 1 (64.93 KiB) Viewed 15 times
A student opens a savings account with an initial deposit of R2000. Thereafter the student makes eight, equal, monthly deposits of R500 starting exactly six months after opening the account. This is followed by unequal, monthly deposits of R2000, R800 and R1200 starting the month after the last R500 deposit. Given that the interest rate throughout the savings period is 12.6825% per annum effective, the amount saved exactly three years after opening the account is: Hint: Draw a time diagram.
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