A company deposits R10 million per quarter for five years and interest is 6% per year, compounded on a monthly basis. What is the future value of this investment?
Effective Quarterly Rate = (1.005)3-1 = 0.015075
FVA = 10m x [1+ 0.01507520-10.015075] = R10m x 23.14075 = R231.4m
