Father wants to save R$100,000$ to pay for his sons education in $10$ years time. An education fund requires the investors to deposit equal installments annually at the end of each year. If the interest of $7\mathrm{.}5\%$ per annum is paid, how much does the father need to save each year to meet his target? 

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To calculate the annual installment the father needs to save to reach the target of R100000 in 10 ye... View the full answer