Dave and Sandra pool their individual savings of R2 000 each per month and deposit this into a money market account earning 5% interest per annum, compounded annually. What will the balance of the account be at the end of five years?
n-number of times interest applied per time period.
nt-number of time periods elapsed.
4000=is the principal paid by two monthly.
48000=is the principal fo in a whole year.
61264.515=is the total amount they will have after five years.( Interest and principal)