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July 28, 2014

Homework Help: Maths-financial

Posted by Lucas on Wednesday, February 27, 2013 at 1:29pm.

Lucas invests R4million into an account earning interest of 6% per annum compounded monthly.He withdraws an allowance of R30000 per month.The first withdrawal is exactly one month after he has deposited the R4million.How many such withdrawals will Lucas be able to make?

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