Homework Help is Here – Start Your Trial Now!
Math
Advanced Math
School fees at a certain school are due at the beginning of the year. The fees are set at R12000 for the year in 2019 and will increase each year at a rate of 11% p.a. In order to fund all twelve years of a child's schooling at this school, an amount of R type your answer. (rounded to the nearest cent) must be deposited into an account that earns interest at a rate of 7,4% p.a. compounded monthly, at the beginning of 2018.

School fees at a certain school are due at the beginning of the year. The fees are set at R12000 for the year in 2019 and will increase each year at a rate of 11% p.a. In order to fund all twelve years of a child's schooling at this school, an amount of R type your answer. (rounded to the nearest cent) must be deposited into an account that earns interest at a rate of 7,4% p.a. compounded monthly, at the beginning of 2018.

Functions and Change: A Modeling Approach to College Algebra (MindTap Course List)
Functions and Change: A Modeling Approach to College Algebra (MindTap Course List)
6th Edition
ISBN:9781337111348
Author:Bruce Crauder, Benny Evans, Alan Noell
Publisher:Bruce Crauder, Benny Evans, Alan Noell
Chapter1: Functions
Section1.1: Functions Given By Formulas
Problem 2TU: What is your monthly payment if you borrow 5000 at a monthly rate of 0.61 and pay it off in 5 years?
See similar textbooks
icon
Related questions
Question
pls solve this ques quickly needed urgently will give you manny upvotes
School fees at a certain school are due at the beginning of the year. The fees are set at R12000 for the year in 2019 and will increase each year at a rate of 11% p.a. In order to fund all twelve years of a child's schooling at this school, an amount of R type your answer. (rounded to the nearest cent) must be deposited into an account that earns interest at a rate of 7,4% p.a. compounded monthly, at the beginning of 2018.
Transcribed Image Text:School fees at a certain school are due at the beginning of the year. The fees are set at R12000 for the year in 2019 and will increase each year at a rate of 11% p.a. In order to fund all twelve years of a child's schooling at this school, an amount of R type your answer. (rounded to the nearest cent) must be deposited into an account that earns interest at a rate of 7,4% p.a. compounded monthly, at the beginning of 2018.
Expert Solution
steps

Step by step

Solved in 2 steps with 1 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Recommended textbooks for you
Functions and Change: A Modeling Approach to Coll…
Functions and Change: A Modeling Approach to Coll…
Algebra
ISBN:
9781337111348
Author:
Bruce Crauder, Benny Evans, Alan Noell
Publisher:
Cengage Learning
SEE MORE TEXTBOOKS