Anita puts P10 000 into a bank account that has monthly
compounding with interest credited at the end of each month. The
monthly interestrate is 0.5% forthefirst6monthsoftheaccountand after
that the monthly interest rate is 0.375%. a) Draw a sketch of the
situation above. [2] b)
FindthebalanceinAnita’saccountattheendof24monthsjustafterinteresthasbeencredited.
[5] c)
FindtheaveragecompoundmonthlyinterestrateonAnita’saccountforthe24monthperiod.[5]
this the answer
Get Answers For Free
Most questions answered within 1 hours.