Question

Nicky opened a savings account with a single deposit of R1 000 on 1 April 2011. She

Answer 1

The amount that should be in Nickey's savings account immediately after her last deposit on September 30, 2012, using the future value concept, is R15,282.91.

What is the future value?

The future value refers to the compounded value (at an interest rate) of the present value, including the periodic cash investments, over a period.

The future value can be determined using either the future value formula, future value table, or an online finance calculator, as below.

Data and Caluclations:

N (# of periods) = 18 months

I/Y (Interest per year) = 15%

PV (Present Value) = R1,000

PMT (Periodic Payment) = R 700

Results

FV = R15,282.91 (R12,600 + R1,000 + R1,682.91)

Sum of all periodic payments = R12,600 (R700 x 18)

Total Interest = R1,682.91

Thus, the amount that should be in Nickey's savings account immediately after her last deposit on September 30, 2012, using the future value concept, is R15,282.91.

Learn more about determining future values at brainly.com/question/24703884

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