Question: Kabelo needs to withdraw R 2 4 5 0 from his bank account at the end of every three months for the next three years.

Kabelo needs to withdraw R

2 450

from his bank account at the end of every three months for the next three years. The first withdrawal starts three months from now. The account earns interest at the rate of

11 %

per year, compounded quarterly. We will assume that these are the only withdrawals and that there are no bank charges on his account. The amount that he must deposit into his account now to be able to make these withdrawals in the future is

Select one:

Kabelo needs to withdraw R 2 4 5 0 from his bank

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