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Boots Football Club has a special fund for the maintenance of the soccer fields. The balance of the special fund account on 31 March 2023,
Boots Football Club has a special fund for the maintenance of the soccer fields. The balance of the special fund account on 31 March 2023, the end of the financial year was R500 000. The terms of the fund are as follows: The money must be invested at an interest rate of 8% per year. The interest, as well as a maximum of 10% of the opening balance of the fund may annually be used for the maintenance of the soccer fields. Two donations were received during the year: R75 000 on 1 September 2023 and R100 000 on December 31, 2023. On March 31, 2024, the club spent R110 000 on the maintenance of its soccer fields. How much of the maintenance costs can be paid out of the special fund
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