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In three years' time Mada will need R145 000 to pay for her son's education. She immediately starts to make monthly deposits into an account

In three years' time Mada will need R145 000 to pay for her son's education. She immediately starts to make monthly deposits into an account earning 11,05% interest per year, compounded monthly. Mada's monthly deposit is

[1] R4 750,55.

[2] R4 707,20.

[3] R3 384,18.

[4] R4 027,78.

[5] R3 415,34.

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