Question

2.5. Calculate the final amount if R3 500 is invested for 5 years at a compound interest rate of 6% p.a. (round off the answer to two decimal places). ​

Answer 1

`\[ A = 3500 * (1.06)^5 \]`

`\[ A \approx 3500 * 1.33823 \]`

`\[ A \approx 4684.755 \]`

Rounding off to two decimal places, the final amount is approximately R4684.76.