Nadia intends to get married in eight years time. She estimates that the cost of the wedding will be RM20000 then. She intends to save this amount by making equal monthly deposits at the end of each month in a bank that pays 5% compounded monthly
i.How much will this monthly deposit be?
ii.After paying for two years, that estimated cost of the wedding has gone up to RM30000
a)What should be the new monthly deposits?
b)In instead of making the additional monthly deposits, Nadia decides to make a lump sum deposit X at the end of two years, calculate the value of X