QUESTION THREE [20] 3.1 You plan to retire in 25 years time. After retirement you will need R50 000 per year. The first drawing will happen at the beginning of your retirement period. You think you will live 20 years after retirement. If interest remains at 5%, how much will you need to deposit until retirement? (6) 3.2 You intend to deposit R5 000 per year for the next ten years. Your first deposit will be today. At the end of the 11th year, you will start drawing money out of the account. If interest is 10%, how much could you draw out if you make equal annual withdrawals for three years? (7) 3.3 You will deposit R5 000 per year for five years at 4%. Then you will just let the money sit there and draw interest. If interest in this second stage is 7%, how much would you have four years after the second stage starts. (7)