Answer:
R12,950.00
Step-by-step explanation:
We solve using the formula
Equation:
A = P(1 + rt)
Calculation:
First, converting R percent to r a decimal
r = R/100 = 20%/100 = 0.2 per year.
Solving our equation:
A = 6475(1 + (0.2 × 5)) = 12950
A = R12,950.00
Therefore, the amount he will pay after 5 years is R12,950.00
