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Anita puts P10 000 into a bank account that has monthly compounding with interest credited at...

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]

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