Question

(a) Themba wants to deposit a sum of money into a savings account so that he will have R30 000 in 3 years time for an overseas holiday how much money must he deposit into the account if the interest paid on the savings is 8,5% p.a (b) R1 000 is deposited in a savings account and two years later R2 000 is added to the savings.The interest is 5% p.a compounded annually calculate the amount of money accumulated in the account at the end of 5 years