In January of 2000, you started saving R100 per month in a fixed-interest savings account. You plan to withdraw all your savings from this account at the end of December 2023. How much will this account be worth by the end of December 2023 if it has been earning a geometric average return (GAR) of 9% per annum? Compare this with how much this account will be worth if it only earned 6% (GAR) per annum over the same period?

Answer rating: 100% (QA)

To calculate the future value of the savings account at the end of December 2023 we can use the form... View the full answer