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The result displays text representing the time interval from date1 to date2 (date2 − date1). Dates are UTC—local times and time zones are not supported. Dates are checked for validity. For example, 29 February 2000 is accepted, but 29 February 1900 is not a valid date. Each date can include an era or a time, and a variety of formats are ...
The pound (Afrikaans: pond; symbol £, £SA [1] for distinction) was the currency of the Union of South Africa from the formation of the country as a British Dominion in 1910. It was replaced by the rand in 1961 when South Africa decimalised.
The present value formula is the core formula for the time value of money; each of the other formulas is derived from this formula. For example, the annuity formula is the sum of a series of present value calculations. The present value (PV) formula has four variables, each of which can be solved for by numerical methods:
It replaced the South African pound as legal tender, at the rate of 2 rand to 1 pound, or 10 shillings to the rand. The government introduced a mascot, Decimal Dan, "the rand-cent man" (known in Afrikaans as Daan Desimaal). [4] This was accompanied by a radio jingle to inform the public about the new currency. [5]
In addition, two bullion coins with denominations of 1 rand and 2 rand were issued, replacing the gold half-pound and pound coins introduced in 1952. Both the pound and the rand gold coins matched the specifications of the British half-sovereign and sovereign (minted, among others, at the Pretoria branch mint until 1932), including the gold ...
There were also contemporary jewellers' copies struck at the same time. The jewellers' copies are also in 22 carat (92%) gold, but they can be identified by the lack of stops in the Z.A.R. monogram at the top of the reverse. The jewellers' copies of the Sammie Marks Tickey are popular with Commonwealth of Nations coin collectors.
The spot exchange rate is the current exchange rate, while the forward exchange rate is an exchange rate that is quoted and traded today but for delivery and payment on a specific future date. In the retail currency exchange market, different buying and selling rates will be quoted by money dealers. Most trades are to or from the local currency.
In both scales, names are given to orders of magnitude at increments of 1000. Both systems use the same names for magnitudes less than 10 9. Differences arise from the use of identical names for larger magnitudes. For the same magnitude name (n-illion), the value is 10 3n+3 in the short scale but 10 6n in the long scale for positive integers n ...