Matthews Newton
06/26/2024 · Primary School
Andrew invests R17 000. What amount will his money grow to in 9 years' time if interest is calculated at \( \begin{array}{ll}\text { (1) } 14 \% \text { p.a. simple interest? } & \text { (2) } 13 \% \text { p.a, compounded monthly? }\end{array} \)
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With 14% p.a. simple interest, Andrew's money will grow to R38,420 in 9 years. With 13% p.a. compounded monthly, it will grow to approximately R54,430.31.
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