just got

news of the birth of his first grandson. He plans to invest an amount of money

at a compound interest rate of 4% to have a total amount of R100 000 after

20 years to pay for his newborn grandson’s tertiary education.

Set your

calculator to four decimal places and round your final answer to the nearest

rand. If s

light

rounding differences occur - choose the alternative that is closest to your

answer.