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As part of their Corporate Social Investment plan, Ginter Ltd plans to donate R55000 annually in four years' time, to Teddi Bare, an NGO

As part of their Corporate Social Investment plan, Ginter Ltd plans to donate R55000 annually in four years'

As part of their Corporate Social Investment plan, Ginter Ltd plans to donate R55000 annually in four years' time, to Teddi Bare, an NGO based in KwaZulu Natal. The company plans to commit itself to this annual donation for six years only. How much should Ginter Ltd save each year in order to successfully provide this donation to Teddi Bare in four years' time? Assume the company will invest in a diversified mutual fund that earns 11% p.a. on average.

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