Topic: Time value of money

2. Samuel wishes to buy his dream car when he retires in 6 years time. The car now costs R350000. Car prices have been rising in price by an average of 5% per year and this trend is expected to continue. If Samuel can earn 9% p.a. interest how much must he deposit at the end of each month to be able to buy his dream car when he retires? 2. Samuel wishes to buy his dream car when he retires in 6 years time. The car now costs R350000. Car prices have been rising in price by an average of 5% per year and this trend is expected to continue. If Samuel can earn 9% p.a. interest how much must he deposit at the end of each month to be able to buy his dream car when he retires