Thando has R4 500 in his savings account. The bank pays him a compound interest rate of 4,25% p.a. Calculate the amount Thando will receive if he decides to withdraw the money after 30 months.
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principal = Rs 4500
time = 30 month or 2 and half years
rate = 4.25%
therefore, A = P (1+ r/100)² (1+ r/200)
Answer: Rs 4994.55
time = 30 month or 2 and half years
rate = 4.25%
therefore, A = P (1+ r/100)² (1+ r/200)
Answer: Rs 4994.55
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