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1 year ago

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

1 answer:

3 0

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 <u>R15,282.91</u>.

<h3>What is the future value?</h3>

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.

<h3>Data and Caluclations:</h3>

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 <u>R15,282.91</u>.

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

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