Petter deposits R100 monthly into a bank account earning interest at aninterest rate of 18% per annum, compounded monthly. The time (in months)that it will take the account to accumulate to R20 000 is given by UA.O B.C.D.nn =n =In [200(1,015)]0,015HIn [200(0, 015) + 1]In(1+0,015)In [200(1, 015) + 1] - In(1,015)In [200(0, 015)-1]In (1+0,015)

Future Value 'FV' = "R20,000" Interest rate 'rate' =18% Monthly rate 'i' = 18%12=1.50% Monthly…

Answered: Petter deposits R100 monthly into a…

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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Petter deposits R100 monthly into a bank account earning interest at an interest rate of 18% per annum, compounded monthly. The time (in month. that it will take the account to accumulate to R20 000 is given by