Mr. Johnson invested R25 000 at a rate of 9,95% p.a. compounded quarterly. How long will it take for this investment to grow to at least R45 000?

College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
Chapter6: Exponential And Logarithmic Functions
Section: Chapter Questions
Problem 5RE: A retirement account is opened with an initialdeposit of 8,500 and earns 8.12 interest compounded...
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Mr. Johnson invested R25 000 at a rate of 9,95% p.a. compounded
How long will it take for this investment to grow to at least
quarterly.
R45 000?
A home loan of R750 000 is secured at 12,5% p.a. compounded monthly,
repayable over 30 years.
2.2.1 Calculate the monthly repayments.
2.2.1 Calculate the outstanding balance after 10 years.
Transcribed Image Text:Mr. Johnson invested R25 000 at a rate of 9,95% p.a. compounded How long will it take for this investment to grow to at least quarterly. R45 000? A home loan of R750 000 is secured at 12,5% p.a. compounded monthly, repayable over 30 years. 2.2.1 Calculate the monthly repayments. 2.2.1 Calculate the outstanding balance after 10 years.
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