SOLUTION: John wants to start saving for an apartment. On his 20th birthday, he starts depositing R500 per week into a bank account with an annual interest rate of 8%, compounded weekly. He

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Question 1111453: John wants to start saving for an apartment. On his 20th birthday, he starts depositing R500 per week into
a bank account with an annual interest rate of 8%, compounded weekly. He will continue to make these
weekly payments until the day of his 29th birthday. How much money will he have saved by then to finance
the purchase of an apartment?
[1] R397 856,29
[2] R166 717,97
[3] R78 714,77
[4] R342 321,48
Answer by addingup(3677) About Me  (Show Source):
You can put this solution on YOUR website!
A = 500 x [(1+(0.08/52)^(52 x 9)) - 1]/(0.08/52)
= 500 x [(1.0015^468) – 1]/0.00153
= 500 x 1.0167/0.00153
= 500 x 664.51
= 332,255