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How much will accumulate after five years

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Problem 1: A friend promises to pay you RM 600 two years from now if you loan him RM 500 today. What annual interest is your friend offering?

Problem 2: You decide to begin saving towards the purchase of a new computer in 5 years. If you put RM 1,000 at the end of each of the next 5 years in a savings account paying 6 percent compounded annually, how much will you accumulate after 5 years? What would be the ending amount if the payments were made at the beginning of each year?

Reference no: EM132882895

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