Business, 09.12.2020 14:00, nakeytrag

16 Nadia intends to get married in eight years' time. She estimates that the cost of the wedding will be RM20,000 then. She intends to save this amount by
making equal monthly deposits at the end of each month in a bank that pays
5% compounded monthly.
(a) How much will this monthly deposit be?
(b) After paying for two years, the estimated cost of the wedding has gone up
to RM30,000
(i) What should the new monthly deposits be?
(ii) Instead of making the additional monthly deposits, Nadia decides
to make a lump sum deposit RMX at the end of two years. Calculate
the value of X.

Answers: 1

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16 Nadia intends to get married in eight years' time. She estimates that the cost of the wedding wi...