You Deposited R1,000 in a Savings Account That Pays 8

Multiple Choice

You deposited R1,000 in a savings account that pays 8 percent interest, compounded quarterly, planning to use it to finish your last year in college.Eighteen months later, you decide to go to the Durban to become a scuba diving instructor rather than continue in school, so you close out your account.How much money will you receive?

A) R1,171
B) R1,126
C) R1,082
D) R1,163
E) R1,008