Rowe Chandler
05/31/2024 · Junior High School
In 2005 Vanessa calculated that her son Aubrey's first year at school (2012) will cost R9 000. If the current compound interest rate is \( 5 \frac{1}{2} \% \) pa compounded annually, calculate the amount that she should invest to reach a sum of R9 000 .
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Vanessa should invest approximately R6,285.45 today to reach R9,000 in 2012.
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