You are about to commence your study of accountancy and financial planning. The latter has captured the interest of many members in your family, given the major regulatory changes that have been introduced for the financial planning industry and its impact on existing advisers. Your incredibly wealthy and quite generous aunt takes a great personal interest in financial planning and tax strategy and has identified the business opportunities that may be available in the area for her high net worth personal investment advice firm. Considering this, and that you will need to move away from home to undertake your studies, she wishes t

provide you with an income to cover your living costs over the next four years as you undertake your double-degree in accounting and financial planning on a full-time basis. The appropriate interest rate to consider is 2.75% per annum compounded monthly, as this is the most secure rate available for this term of investment.

What amount must your aunt place in a deposit for you if you are to receive an amount of $3,000 at the end of each month for the next four years?