At age 60, a man established a trust fund of R20 000 which will pay his family a regular amount at the end of each month for 12 years after his death. If he dies at age 65, what monthly sum will the family receive if the fund earns 3% p.a. compounded monthly and if the first payment will be made 1 month after his death?

Answer rating: 100% (QA)

To calculate the monthly sum the family will receive from the trust fund you can use the ... View the full answer