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Deborah is saving to enroll for her post–grad diploma in 3 years’ time. She is ...
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Deborah is saving to enroll for her post–grad diploma in 3 years’ time. She is using her annual bonus for this purpose. She will make a payment of R7 000 at the beginning of each year for the next 3 years and will earn compound interest of 8,5% per year. Calculate the amount that she will have saved after 3 years? Set your calculator to four decimal places for calculations and round the final answer to the nearest rand. Slight rounding differences may occur - choose the alternative that is closest to your answer.
(a) R15 836
(b) R22 836
(c) R24 777
(d) R31 776
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