23 Joy Invest stokvel club has a Nedbank stokvel account offering 7,50% interest p.a. compounded
monthly. The club's details are as follows:
Number of members: 8
Monthly contribution: R1 500 per member
Number of months:
11 (January to November)
NB: The amount (total contributions, together with interest earned), is shared equally by
the members in the second week of December.
TABLE 2 in ANNEXURE C shows the growth of Joy Invest Stokvel Club's investment
Use TABLE 2 in ANNEXURE C to answer the questions that follow.
23.1
Calculate, without rounding off, the monthly interest rate.
(2)
23.2 Determine the missing values A and B.
(4)
2.3.3 Calculate the share each member receives at the end of the year when dividing the total
amount
(2)
[29]
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