When you do a calculation using the resultant rate you are effectively :

Carl wants to start saving towards a holiday in six years time, he has decided that he will invest in a savings account that earns interest at 10% compounded annually . He knows the holiday will cost him R45 000. He will increase his contributions by 7% every year. How much should Carl start saving monthly?

Calculate the effective rate for a nominal rate of 10% compounded quarterly

Calculate the effective rate for a nominal rate of 10% compounded quarterly

Carl wants to start saving towards a holiday in six years time, he has decided that he will invest in a savings account that earns interest at 10% compounded annually . He knows the holiday will cost him R45 000. He will increase his contributions by 7% every year. How much should Carl start saving monthly?

When you do a calculation using the resultant rate you are effectively :

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