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Sihle inherits R800 000. He invests his entire inheritance in a fund which earns interest at a rate of 14% p.a., compounded monthly. At the
Sihle inherits R800 000. He invests his entire inheritance in a fund which earns interest at a rate of 14% p.a., compounded monthly. At the end of each month, Sihle withdraws R10 000 from the fund. His first withdrawal is exactly one month after his initial investment. 6.2.1 How many withdrawals of R10 000 will Sihle be able to make from his fund? 6.2.2 Exactly four years after his initial deposit, Sihle decides to withdraw all the remaining money from his account to use as a deposit towards a house. (a) What is the value of Sihle's deposit to the closest Rand? (6) Sihle's deposit is exactly 30% of the purchase price of the house. What is the purchase price of the house to the nearest Rand
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