Question 14 Milo assumes that the total cost of a university education will be R290 000 when his child enters college in 18 years' time. He currently has R40 000 to invest. What annual rate of interest must he earn on his investment to cover the cost of his child's university education? 1. 7,25% 2. 5,82% 3. 11,63% 4. 14,08% Question 15 Alexander's uncle has R475 000 and wants to retire. He expects to live for another 26 years, and he also expects to earn 8% on his invested funds. How much could he withdraw at the beginning of each of the next 26 years and end up with zero in the account? 1. R 31 294,42 2 R 40 686,00 3. R 43 940,89 4. R3 513 267,78 Question 16 Jackson buys a car worth R14 000. He agrees to make payments at the end of each month for four years. He pays 7% interest compounded monthly. What is the total amount of interest he will pay? 1. R1 944.30 2. R2 091,88 3. R5 368,98 4. R8 167,00