In order to send your first child to Law School when the time comes, you want to accumulate RM45,000 at the end of 17 years. Assuming that your savings account will pay 6.5% compounded annually, calculate how much would you have to deposit if:

i. you want to deposit an equal amount at the end of each year.

ii. you want to deposit one large lump sum today. (8 marks)

Answer rating: 100% (QA)

To calculate the amount that would need to be deposited in order to accumulate RM45000 at the end of ... View the full answer