Nicky opened a savings account with a single deposit of R1 000 on 1 April 2011. She
then makes 18 inonthly deposits of R700 at the end of every month. Her first payment
is made on 30 April 2011 and her last payment on 30 September 2012. The account
earns interest at 15% per annum compounded monthly.
Determine the amount that should be in her savings account inmediately after her last
deposit is made (that is on 30 September 2012).

Question

24-07-2022
Mathematics

contestada

Nicky opened a savings account with a single deposit of R1 000 on 1 April 2011. She
then makes 18 inonthly deposits of R700 at the end of every month. Her first payment
is made on 30 April 2011 and her last payment on 30 September 2012. The account
earns interest at 15% per annum compounded monthly.
Determine the amount that should be in her savings account inmediately after her last
deposit is made (that is on 30 September 2012).

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anthougo anthougo · Answer 1 · 2022-07-25T19:15:41+02:00

The amount that should be in Nickey's savings account immediately after her last deposit on September 30, 2012, using the future value concept, is R15,282.91.

What is the future value?

The future value refers to the compounded value (at an interest rate) of the present value, including the periodic cash investments, over a period.

The future value can be determined using either the future value formula, future value table, or an online finance calculator, as below.

Data and Caluclations:

N (# of periods) = 18 months

I/Y (Interest per year) = 15%

PV (Present Value) = R1,000

PMT (Periodic Payment) = R 700

Results

FV = R15,282.91 (R12,600 + R1,000 + R1,682.91)

Sum of all periodic payments = R12,600 (R700 x 18)

Total Interest = R1,682.91

Thus, the amount that should be in Nickey's savings account immediately after her last deposit on September 30, 2012, using the future value concept, is R15,282.91.

Learn more about determining future values at https://brainly.com/question/24703884

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