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Grandfather Julius just got news of the birth of his first grandson. He plans ...
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Grandfather Julius 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. required to calculate the amount that Julius will need to invest now? 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.
(a) R45 639
(b) R 7 358
(c) R 5 200
(d) R 1 195
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