Question

QUESTION 2
Amin is setting up a fund for his son to go to college. He figures out that his son will need
RM50.000 by the time he is ready to go to college. Amin is thinking to deposit into an
account that pays 5% compounded monthly.
a) Determine his monthly deposit in the fund.
(4 marks)
b) Determine the interest that will be eamed in the fund.
(3 marks)
c) If Amin plan to make a lump sum deposit by today, determine the amount that he
needs to deposit today.
(3
marks)
d) Advice Amin whether to make (i) monthly deposit or (ii) a lump sum deposit for the
fund Provide your calculation and reasons.
marks)​

Answer 1

Answer:

sorry didn't understand the question

Step-by-step explanation:

sorry

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