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Tito wants to deposit enough money into an account so that he can withdraw R60 000 after 2 years and R30 000 after 5 years (from the day the deposit was made). Interest is calculated at 9% p.a. compounded monthly for the first 2 years after the deposit was made and 10% p.a. effective thereafter. How much money must Tito deposit now?
Sagot :
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