A client was supposed to make monthly deposits of R500 at the end of every month for 100 consecutive months, but the client forgot to make the 75th deposit.

How much was there in his account just after the client made the last deposit if the interest rate was 9.8% p.a. compounded monthly?

Answer rating: 100% (QA)

To solve this problem we can use the formula for the future value of an annuity FV PMT x ... View the full answer