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julzmail_3 | 08:25 Tue 26th Jul 2005 | Business & Finance

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If you deposit R500 every year for your 5 years at varsity, and you earn an EAR of 10%, how much will you have at the end of year 5?

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Well assuming you deposit at the start of each year and the interest is left in, at end of year:

1 - 550/ 2 - 1155/ 3 - 1820.50/ 4 - 2552.55/ 5 - 3357.81

so R3357.81

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