Question: 3. If you wish to renovate your house in about 4 years and you need a budget of say $100,000, how much do you

3. If you wish to renovate your house in about 4 years and you need a budget of say ( $ 100,000 ), how much do you need to

3. If you wish to renovate your house in about 4 years and you need a budget of say $100,000, how much do you need to save in a recurring deposit scheme that gives you the compound interest of 4% per annum (compounded monthly) to yield the amount required after 4 years? If the interest is compounded on a daily basis, would there be any difference in your saving regime?

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