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Susan invests R45 000 at a simple interest rate of 6% per year. Two years later, she adds a further R20 000
to the investment at the same simple interest rate.
1.Determine the total amount that Susan will have saved
after another 3 years.
2.How long will it take for an investment to double in value if the annual interest rate is 10% and interest is
compounded every 4 months?
3.Find the difference between the simple interest earned and the compound interest earned, compounded
yearly, on an amount of R4 240 at 6% interest per year for 3 years.
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