Osborne Lambert
02/17/2023 · Junior High School
Kelvin starts to save for his son's university education when he is in grade 8. At the end of January he deposits R13 000 into a savings account that offers \( \mathbf{1 3 , 5 \%} \) interest p.a. He estimates that university will cost R9 500 payable at the end of January in the first year and will escalate at \( \mathbf{1 0 \%} \) p.a. Determine: a) The fees for the second and third year. b) The additional amount that Kelvin will have to pay to cover his son's third year in university.
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a) Fees for the second year: R10,450
b) Fees for the third year: R11,495
c) Additional amount for the third year: R1,505
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