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Sam borrowed an amount of R40026 from a bank at a rate of 4.56% per year, that must be repaid after 7 years. Sam will
Sam borrowed an amount of R40026 from a bank at a rate of 4.56% per year, that must be repaid after 7 years. Sam will be using the sinking fund method to repay the loan. If Sam is going to invest an amount in an account at the end of every 4-month period, the first investment at the end of the first 4-month period, and if Sam earns interest on his investment at a rate of 12.732% per year, what amount must Sam invest at the end of every 4-month period so as to repay the loan after 7 years? (Give your answer rounded to 2 decimal places. If you think the answer is R1012.3456, type in 1012.35)
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