s onia sets aside £125 at the start of each month in a savings scheme paying 9% p.a. compounded quarterly. How much will she have saved in 12 years' time? Note: Perform all the calculations without rounding any intermediate results. Round your final answer to two decimal places.
Added by Christopher B.
Step 1
- Monthly deposit (PMT) = £125 - Annual interest rate (r) = 9% = 0.09 - Compounding frequency = quarterly (4 times a year) - Total duration (t) = 12 years Show more…
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