3. I won R15 000.00 in the Lotto. I have decided to invest the money for three years so I can earn some interest. The bank has offered me 10% interest. Inow need to decide if I want to use my monthly simple interest payments or if should compound the interest. Please calculate the compound interest: Amount at the beginning of the 1st year Interest(10% of R Amount at the beginning of the 2nd year Interest(10% of R Amount at the beginning of the 3rd year Interest(10% of R Amount at the end of the 3rd year
3. I won R15 000.00 in the Lotto. I have decided to invest the money for three years so I can earn some interest. The bank has offered me 10% interest. Inow need to decide if I want to use my monthly simple interest payments or if should compound the interest. Please calculate the compound interest: Amount at the beginning of the 1st year Interest(10% of R Amount at the beginning of the 2nd year Interest(10% of R Amount at the beginning of the 3rd year Interest(10% of R Amount at the end of the 3rd year
Chapter4: Time Value Of Money
Section4.17: Amortized Loans
Problem 1ST
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