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An annuity 2009-02-27
From Jules:
R 20 000 is deposited in the bank,at the end of each year R 5 000 is withdrawn from it, the interest is 13 percent compounded monthly. Calculate how many years that person will be able to use his/her money ?
Answered by Stephen La Rocque.
Saving for his daughter's education 2009-01-15
From George:
To save for his daughter’s university education at the end of each month Mr McLean sets aside £50 in a savings scheme paying 10% p.a. compounded monthly. He begins saving when his daughter is 3 years old. How much will he have saved by the time his daughter is 18?
Answered by Harley Weston.



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