Question 1196378
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Jonathan obtained his degree and started his own consulting company in January of 2010. 
At the end of each month he began saving R2 480.00 in his account and requested the bank 
to quarterly debit three month sum of his exact savings towards his individual retirement account 
for a total period of ten years. The retirement account earned interest at 11% per annum, compounded quarterly. 
The amount that was available to him after ten years in the retirement account is
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The answer R514,664.79 in the post  by @ElectricPavlov is INCORRECT.


The correct answer is R530,235.


The formulas in the post by @ElectricPavlov are correct, but his output final answer is wrong.


It is because they systematically use inadequate calculator or inadequate calculation procedure 
for their calculations, which does not provide the necessary precision.



So, if you are looking to get a precise answer for your problems in Finance, 
which would be correct at the reference level of accuracy for your answer book, 
especially for annuity problems, then @ElectricPavlov is a bad source for such a goal.


As I look at their performance, I clearly see that they do not understand, at all,
what approximate calculations are and which requirements such calculations must satisfy.


So, their level of understanding approximate calculations corresponds to a 5th grade school student,
who makes such calculations for the first time in his life and who never took/got lessons 
from an experienced mentor on the subject.


But they stick out their chest like a wheel (or as a monument on a pedestal) 
and call themselves "artificial intelligence".


A correct name for such a performance is "charlatanism".