Question: A student is registered for a four - year degree. She has a fund of R 4 0 0 0 0 available to cover expenses

A student is registered for a four

-

year degree. She has a fund of R

40 000

available to cover expenses over the next four years. She withdraws the same amount from the fund at the beginning of each month. If the interest rate is

7, 5 %

per year, compounded monthly, then the value of each monthly withdrawal isa.R

967, 16 .

.

961, 15 .

.

712, 70 .

.

833, 33 .

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