ESTION 3 The interest rate on an investment is $$ x \% $$ per annum compounded monthly. Calculate the value of $$ x $$ given that the corresponding effective interest rate is $$ 9,92 \% $$. A printer's value depreciates according to the reducing balance method, over a period of 7 years at a rate of $$ 12 \% $$ p.a., to R28 607,30 . Calculate, to the nearest rand, the original price for the printer. Pratham made an initial deposit of R32 000 into an investment account that paid interest at $$ 8,6 \% $$ p.a. compounded monthly. Another deposit of R23 000 was made 3 years later. The interest rate changed to $$ 10,5 \% $$ p.a. compounded quarterly 4 years after the initial deposit. 3.3.1 How much was in Pratham's investment account at the end of 4 years? 3.3.2 At the end of 6 years since he started his investment, Pratham decided to use all his balance as a deposit for a car that cost R220 000 and borrow the rest from a bank. How much did he need to borrow?

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1. $$ x \approx 9.56\% $$ 2. Original price of the printer: $$ R55,600 $$ 3.3.1 Amount in investment account after 4 years: $$ R68,925 $$ 3.3.2 Amount needed to borrow: $$ R133,196 $$

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