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What is the interest rate would he need

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Question - Azim is saving for to buy a new car. He invests RM 5,000 into an account that pays 3% interest a year and is compounded monthly. How much will he have after 5 years?

Zizan is planning to buy a car in three years. He invests RM 5,000 now and wants to have RM 6,000 to spend on the car when he buys it. What is the interest rate would he need if his investment is compounded monthly?

Reference no: EM132845736

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