Asked by Ayanda
If i invest R2950, the interest rate 8.10%. What will be my money in period of 18 months?
Answers
Answered by
Steve
in principle, it would be either
2950(1+.0810*1.5)
or
2950(1+.0810)^(1.5)
but, if it accrued annually, you will not yet have received the interest for the 6 months of the 2nd year.
As you see, it can get complicated.
2950(1+.0810*1.5)
or
2950(1+.0810)^(1.5)
but, if it accrued annually, you will not yet have received the interest for the 6 months of the 2nd year.
As you see, it can get complicated.
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