4. An annuity of R1000 per annum from 1984 to 1988 inclusive, and R1 200 per annum from 1989 to 1993 inclusive, is to be paid in equal half-yearly instalments on the 30th June and 31st December of each year. An intending purchaser of the annuity at 1st January, 1978 wishes to realize an effective rate of interest of 5% per annum on the whole of his investment, and to replace his capital by the end of 1993 by a level sinking fund to accumulate at an effective rate of interest of 4% per annum. What price should he pay? 4. An annuity of R1000 per annum from 1984 to 1988 inclusive, and R1 200 per annum from 1989 to 1993 inclusive, is to be paid in equal half-yearly instalments on the 30th June and 31st December of each year. An intending purchaser of the annuity at 1st January, 1978 wishes to realize an effective rate of interest of 5% per annum on the whole of his investment, and to replace his capital by the end of 1993 by a level sinking fund to accumulate at an effective rate of interest of 4% per annum. What price should he pay