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could you please do question 2.4 and 2.5 thanks 2.4 Sizwe and Dudu pool their individual savings of R1 800 each per month and deposit
could you please do question 2.4 and 2.5 thanks
2.4 Sizwe and Dudu pool their individual savings of R1 800 each per month and deposit this into a money market account earning 5,25% interest per annum, compounded monthly. What will the balance of the account be at the end of 7 years? (3) 2.5 Catherine intends to retire early and wants to understand how much she should save of her monthly salary of R30 000 to develop an asset that will pay her a pension every month once she has retired. Assuming that she would need to develop an asset of R5 000 000, and that she can obtain an interest rate and return of 10% per annum, compounded monthly, for the next 20 years, what should she save monthly to achieve this? (4)Step by Step Solution
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