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Question 5 [3, 3, 2] On 01 April 2011, Zeni receives an inheritance of amount X in cash. She invests it into an account
Question 5 [3, 3, 2] On 01 April 2011, Zeni receives an inheritance of amount X in cash. She invests it into an account at an interest rate of 5.3% p.a., compounded monthly. On 01 January 2020 the balance in her account is Y R 4 200 155. Having taken early retirement, she converts this amount into a monthly pension over 9 years, with the first payment due to be paid by 01 February 2020. a) Calculate the amount PMT of her monthly pension. b) What is the balance in Zeni's account immediately after her 01 October 2025 PMT? c) Calculate the amount X of the inheritance on 01 April 2011.
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