Hannah invests R 6500 for a total of six years in an account that pays compound interest at an interest rate of 12% per annum for the first three years and then 8% per annum for the next three years. She withdraws R 4200 after three years to pay for her son's wedding. How much is in the account at the end of the six years?
Hannah invests R 6500 for a total of six years in an account that pays compound interest at an interest rate of 12% per annum for the first three years and then 8% per annum for the next three years. She withdraws R 4200 after three years to pay for her son's wedding. How much is in the account at the end of the six years?
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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Hannah invests R 6500 for a total of six years in an account that pays compound interest at an interest rate of 12% per annum for the first three years and then 8% per annum for the next three years. She withdraws R 4200 after three years to pay for her son's wedding. How much is in the account at the end of the six years?
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