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HSC test yourself: Mathematics
Question 8 (c) (i) 2 marks
(c) When Jules started working she began paying $100 at the beginning of each month into a superannuation fund.
The contributions are compounded monthly at an interest rate of 6% per annum.
She intends to retire after having worked for 35 years.
(i) Let $P be the final value of Jule's superannuation when she retires after 35 years (420 months).
Show that $P = $143 183 to the nearest dollar.