You Want to Go on a Boat Cruise on Your

question 41

Multiple Choice

You want to go on a boat cruise on your 27th birthday.You have priced these cruises and found that they currently cost R30,000.You believe that the price will increase by 5 percent per year until you are ready to go on it.You can presently invest to earn 14 percent.If you just turned 20 years old, how much must you invest at the end of each of the next 7 years to be able to go on the boat cruise in 7 years?

• A) R4,945.57
• B) R3,933.93
• C) R7,714.72
• D) R3,450.82
• E) R6,030.43

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