aryardesai aryardesai

12-10-2022
Mathematics

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Jeffrey invests $500 every month and earns interest at a rate of 12% p.a, compounded monthly.
a. Jeffrey wants to buy a car worth $41000 after five years. Can he afford it? If not, how much does he need? (2.d.p)
b. How much is the fund worth after 20 years? (2.d.p)
c. How much interest did he earn over 20 years? (2.d.p)

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