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April 28th, 2014, 01:06 AM  #1 
Newbie Joined: Apr 2014 From: South Africa Posts: 4 Thanks: 0  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 hatfyear 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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