A couple wishes to have R60,000 available for their childs University expenses. Their Financial Advisor from Prudential
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Question:
A couple wishes to have R60,000 available for their child’s University expenses. Their Financial Advisor from Prudential Holdings helps them find an account that pays 7% annual interest compounded monthly.
How much needs to be deposited now to reach this goal if you want to have the money available in 18 years? How much interest was earned?
Consider that the couple wanted the money available in 8 years, calculate the amount will they have access to?
How much interest would have been earned in eight years.
Expert Answer:
1 To calculate the amount that needs to be deposited now to have R60000 available in 18 years we can ... View the full answer
Related Book For 
Introduction to Corporate Finance What Companies Do
ISBN: 978-1111222284
3rd edition
Authors: John Graham, Scott Smart
Posted Date:
