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On 5 April Anzani invested R75 000 in an account paying 8,37% interest per year, compounded monthly. Interest is credited on the 1st of every month. Anzani wants to open a Wheel and Tyre shop in Pretoria CBD. She will move into her new premises on 21 November of the same year.
Problem 1: If fractional compounding is used for the full term then Anzani will receive
Option [1] R79 020,29.
Option [2] R78 439,73.
Option [3] R79 047,39.
Option [4] R78 896,69.
Option [5] R79 027,82.
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