Mr Johnson would like to raise R130 000 for his child when he goes to university in the next 6 years and has decided to make annuity payments into an account at the beginning of every month starting with the current month. Assume Mr Johnson is making payments of R3 000 into the account and assume that the account pays favourable interest of 16% p.a. compounded monthly. 

Calculate the present value of this investment after the payment of all the annuities. 

Will Mr Johnson have enough money for the intended objective at the end of the period of investment? Show all necessary calculations.