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You always had this dream to one day experience a white Christmas. You decided ...
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You always had this dream to one day experience a white Christmas. You decided to save to go on this overseas holiday six years from now. You estimated that you would have to pay R60 000 for this overseas holiday. Calculate the amount that you will need to invest every year at a compound interest rate of 7% per annum to have the amount of R60 000 after six years? Set your calculator to four decimal places for calculations and round the final answer to the nearest rand. Slight rounding differences may occur - choose the alternative that is closest to your answer.
(a) R8 388
(b) R2 799
(c) R9 826
(d) R7 148
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