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Every year after Prudence has paid all her credit card debt, she still has R4 ...
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Every year after Prudence has paid all her credit card debt, she still has R4 200 from her annual She decided to save this amount, on an annual basis, for the next 3 years. The special savings account she decided on earns interest at 12%, compounded annually. You are required to calculate the total value of Prudence’s special savings account at the end of year three by using a financial calculator or the mathematical formula. Set your calculator to four decimal places for calculations and round the final answer to the nearest rand. Slight rounding differences may occur depending on which method was used, choose the option closest to your answer.
(a) R10 088
(b) R14 172
(c) R14 112
(d) R13 104