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Dan deposits R18 600 in a savings account at a bank. The interest rate is 7,25% p.a. compounded quarterly for the first three years. The interest rate is then increased to 8,5% compounded monthly for the next four years. a) Calculate the total amount saved at the end of three years. b) Calculate the total amount in the savings account at the end of the seven- year period.​

Sagot :

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