Section 2: Financial Mathematics
An amount of R2 000 is deposited in a bank paying an annual interest rate of 8,6%, compounded quarterly. Find the balance after 3 years. Solution. Here the period is a quarter year (3 months), and the number of quarters in 3 years is . Since the interest rate is compounded quarterly, the interest rate . per quarter is = 2,15% = 0,0215. ................
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