R44 000 is deposited into a savings account ror eignt years. The interest is 7%o p.a. compounded semi-annually for the first two years. The interest rate i5 then increased to 8% p.a. compounded quarterly for the next three years and then increased again to 9% p.a. compounded monthly for the remaining period. Calculate the total amount accumulated in the fund at the end of eight years.

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05-11-2022
Mathematics

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R44 000 is deposited into a savings account ror eignt years. The interest is 7%o p.a. compounded semi-annually for the first two years. The interest rate i5 then increased to 8% p.a. compounded quarterly for the next three years and then increased again to 9% p.a. compounded monthly for the remaining period. Calculate the total amount accumulated in the fund at the end of eight years.

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