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April 28th, 2014, 01:06 AM   #1
Joined: Apr 2014
From: South Africa

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Financial Math (didnt know where to put it)

Please help me solve this problem

Parents have two children aged 10 and 5 years now. The parents set up a savings account at an interest rate of 11,5% per hatf-year that will provide each child with and equal lump sum of Rx on their 18th birthday. If the parents deposit consecutive, equal, annual amounts of R11500 into the savings account starting one year from now and ending when the last child turns eighteen, then the value of Rx (to the nearest rand) is:

thanks in advance
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