With the use of the following formula, determine future value of Steven's money. Round ALL the answer off to 2 decimal places.
A = P(1 + in)
Steven won a portion of the local lottery. The price money is to the value of R18 000.
He wants to invest the money but does not know which bank to choose.
FNB offers Steven 5,6% for 8 years simple interest per annum, Nedbank offers Steven 6,6%
for 6 years simple interest per annum and Standard Bank offers 7.2% for 5 years simple
interest.
Determine each bank future value to help Steven decide which bank he should choose.
FNB
Nedbank
Standard Bank
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