You are saving to pay your children's university costs in 20 years' time. Your payment the first year is R 3 600, after which our yearly payments increased by R360 each year. If the expected interest rate per year is 10%, the amount that you expect to receive to the nearest rand on the maturity date will be:

(1) R213 030

(2) R340380

(3) R412 380

(4) R484 380

(5) None of the above

Please show calculations