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Dear sir,
I am having some difficulties in the BPP revision kit.-If a sum of $12,000 is invested at 8% per annum with compound interest quarterly, what is the amount to which the principal will have grown by the end of year 3?
The answer is C $15,219.
-A bank offers depositors a nominal 4% pa, with interest payable quarterly. What is the annual rate of interest?
The anwer is D 4.06%.
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