bank offered 8,5% p.a., compounded quarterly. Calculate how much was invested.° Thuso inherited R45 000 from his grandparents. He wants the money to grow to R78 000 within sixyears. Calculate the interest rate he needs, compounded monthly, to reach his goal.7 Strini deposits R76 546 into a fixed deposit savings account for 10 years at 12% p.a. compoundedmonthly. Determine which amount must be deposited for 9 years at 9,5% p.a. compounded half-yearlyto yield the same output.trinle in yalue within 10 years. At what interest rate, compounded

Interest rate refers to the amount that the lender charges to the borrower as well as it is a…

Answered: Thuso inherited R45 000 from his…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Thuso inherited R45 000 from his grandparents. He wants the money to grow to R78 000 within i years. Calculate the interest rate he needs, compounded monthly, to reach his goal. nounded