Math Problem Statement
You plan to make equal quarterly deposits at the end of every three months into your retirement fund. The fund earns 14%14% interest per year, compounded quarterly. You wish to have accumulated R450600,00R450600,00 at the end of 1212 years. The size of each of the payments has to be
Solution
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Math Problem Analysis
Mathematical Concepts
Annuities
Compound Interest
Future Value of Annuity
Formulas
Future Value of Annuity formula: FV = P × [(1 + r)^n - 1] / r
Quarterly interest calculation: r = annual rate / 4
Number of periods calculation: n = years × 4
Theorems
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Suitable Grade Level
Grades 10-12
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