Question 3:
A savings account is opened with an amount of R45 000 and three years later R23 000 is withdrawn. Six years after the account is opened, R11 000 was deposited. The interest rate was as follows: 6,5% per annum compounded yearly for the first five years and 4,2% per annum compounded yearly for the remainder of the period. Calculate the balance at the end of 10 years.
Question 4:
4.1 Alex deposited R120 000 into a savings account. Four years later he added R6 000. The interest is 9%, compounded annually for the first 3 years and then 7% compounded annually for the rest of the time. What total amount will he have at the end of 8 years?
4.2 If Alex wants 𝑅𝑅200 000 in his savings account at the end of 8 years, what should the compounded interest rate be if he invests 𝑅𝑅120 000 (rounded to two decimal places)?
5.1 If the exchange rate between Rand and American Dollar is 𝑅11,83: $1, and the exchange rate between Rand and British pound is 𝑅𝑅14,95: £1, find the exchange rate between $ and £.
5.2 Thabo buys a car radio costing 𝑅𝑅1 750 on hire purchase and pays a deposit of 𝑅𝑅170.
He then pays 24 monthly payments of 𝑅𝑅75. Calculate: 5.2.1 The total simple interest paid (the amount). 5.2.2 The rate of simple interest.
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