Michael deposits R10 000 into a savings account. At the end of each year thereafter, he deposits R10 000 into the account and continue to do this for twenty years . Interest is 18% per annum effective. Calculate the future value of his investment at the end of the twenty-year period.

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20-06-2024
Mathematics

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Michael deposits R10 000 into a savings account. At the end of each year thereafter, he deposits R10 000 into the account and continue to do this for twenty years . Interest is 18% per annum effective. Calculate the future value of his investment at the end of the twenty-year period.

Sagot :

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