CHOOSE ANSWER CLOSEST TO YOUR ANSWER. $(2$ Marks$)$

Rand value $-$ Round off to $2$ decimals

Interest round off to $4$ decimals up to final answer which should only be $2$ decimals

Rudi invested in a pure endowment policy $10$ years ago. The policy has now matured, and the maturity value is R$2,000,000\mathrm{.}00.$ The policy is open$-$ended, and he has decided to leave his money in the fund and make annual withdrawals of R$150,000\mathrm{.}00$ at the beginning of every year for $10$ years. The growth rate of the fund is $9\mathrm{.}5\%$ per annum. Calculate the value of the policy after the $10-$year term.

A R$2,400,677\mathrm{.}48$

$R1,861,759\mathrm{.}47$

$R2,622,411\mathrm{.}63$

R$1,935,764\mathrm{.}12$

E None of the above