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18 years after the first deposit was made?
3. Lizo who is 24 years old realises the importance of starting to save early for his
retirement.
He will retire at the age of 65. He estimates that he will need R6 000 a month,
starting one month after his 65th birthday until his 80th birthday.
To provide for this he will make equal monthly deposits into a savings account,
starting one month after his 24th birthday until his 65th birthday.
The savings account earns interest at 10,5% per annum compounded monthly.
a) How much money needs to be in his savings account on his 65th birthday
to ensure that he will receive R6 000 per month until his 80th birthday?
b) How much should he deposit each month, starting one month after his 24th
birthday until his 65th birthday, to achieve his goal?
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Sagot :

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