Sethino invests R20 000 at a bank at an interest rate of 6% p.a., compounded annually. After 4 years, he withdraws R 8 000 to buy furniture. After 2 years, the interest rate changes to 4.5% p.a., compounded annually.  What will the balance of his investment be after a total of 8 years

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A: topic- compound interest

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A: P=$ 2000  time T = 15 – 6 = 9years Interest 3% semiannually Then futur value = P(1 + (R/2)/100)2t =…

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A: invested $28,800 at 13% to be compounded daily

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