Answer to Question #341181 in Financial Math for Netsianda Orifha

Question

A parent wishes to deposit a lump sum into a savings account now. He will withdraw an amount from the account every year for five years starting one year

from now to pay for his child's school fees. The first school fee due one year from now will be R 8 899 and school fees increase thereafter at a rate of 10% p.

If the account earns interest at 6% pa. compounded daily, then the lump sum (to the nearest cent) that must be deposited into the account now is equal to R

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Answer 1

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