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John wishes to give his mum $10,000 when she turns 60 in 10 years time. She has two options:- Option 1: She can make 10
John wishes to give his mum $10,000 when she turns 60 in 10 years time. She has two options:- Option 1: She can make 10 equal deposits (1st in one years time, 2nd in two years time etc) at 6% per annum compounded yearly. (i) How much is each annual deposit under this option? (1 Mark)
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