Howell Vargas
10/20/2024 · Middle School

xamples: 5.23 Calculate how long, to the next whole year, it will take for an investment of R2 000 to reach a value of R3 500 at an interest rate of \( 12 \% \) per year, compounded monthly.

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It will take approximately 5 years for the investment to grow from R2,000 to R3,500 at an interest rate of 12% per year, compounded monthly.

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