QUESTION 6 6.3 A man decided to start saving money for his daughter's future education. He immediately deposited R4000 into a savings account. Three years later, he deposited a further R5000 into the account. One year later, he withdrew R2000 in order to do repairs around the house. His daughter needed the money four years after his withdrawal of R2000 29 The interest rate for the first three years was 15% per annum compounded monthly. The interest rate for the remaining 5 years was 16% per annum compounded quarterly. Calculate the future value of his money at the end of the savings period which lasted 8 years.
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