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Lance receives an income every year from an institution for being a tutor. He ...
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Lance receives an income every year from an institution for being a tutor. He wants to invest R2 000 of this income at a compound interest rate of 5,5% per annum for the next three years at the end of each year. Calculate the value of his investment after three years by using an appropriate mathematical formula or a financial calculator. Set your calculator to four decimal places and round your final answer to the nearest rand. If s light rounding differences occur - choose the alternative that is closest to your answer.
(a) R9 905
(b) R6 367
(c) R6 336
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