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Hunter has just realised that his silver wedding anniversary is 20 months away. He wants to buy his lovely devoted wife, a diamond ring for
Hunter has just realised that his silver wedding anniversary is 20 months away. He wants to buy his lovely devoted wife, a diamond ring for the occasion. He immediately starts to make monthly deposits of R1 500 into an amount earning 9,30\% interest per year, compounded monthly. After 11 deposits, he increases his monthly payments to R2500. The amount of money that Hunter will have available just before his anniversary to buy the diamond ring is A. R41 921,42. B. R40 497,68. C. R40 677,56. D. R39 241,54
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