Question
Regular equal monthly deposits are made into an account at 9% pa compound- ed monthly so as to have R60 000 in the account immediately
Regular equal monthly deposits are made into an account at 9% pa compound- ed monthly so as to have R60 000 in the account immediately after the sixtieth deposit is made. However R10 000 was withdrawn from the account immedi- ately after the thirty-sixth deposit was made. To accumulate the R60 000 in the remaining time, twenty-four new regular equal monthly deposits P t will be made into the account starting one month after the withdrawal was made. Which one of the following alternatives is true? (All amounts are rounded to the nearest cent.) (a) P t = R1 552, 62 (b) P t = R1 422, 88 (c) P t = R1 366, 55 (d) P t = R1 252, 35 (e) P t = R795, 50
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