You are saving to pay for your children’s university costs in 20 years’ time. In the first year, your payment is R3 600, after which your yearly payments increased by R360 each year. If the expected interest rate per year is 10%, the amount that you expect to receive to the nearest rand on the maturity date will be [1] R213 030. [2] R340 380. [3] R412 380. [4] R484 380. [5] none of the above

You are saving to pay for your children’s university costs in 20
years’ time. In the first year, your payment is R3 600, after which
your yearly payments increased by R360 each year. If the expected
interest rate per year is 10%, the amount that you expect to receive
to the nearest rand on the maturity date will be [1] R213 030. [2]
R340 380. [3] R412 380. [4] R484 380. [5] none of the above