Question
Melvin is a recent graduate. It has been his dream to explore the African continent. He intends to do a lake tour in five years
Melvin is a recent graduate. It has been his dream toexplore the African continent. He intends to do a lake tour in five years time when he will visit Lake Tanganyika, Lake Victoria, Lake Malawi, Lake Kivu and Lake Turkana. He estimates that he will need to buy a used Toyota (Land Cruiser 76) at R350 000 that has a long-range fuel tank and dual batterysystem. He will also need an additional R25 000 to pay for fuel and supplies. Melvin intends making equal annual payments into a bank account on which he canearn 9,25% interest compounded annually.
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