Fixed deposit savings account

Reference no: EM13990493

A couple decides to save to buy a car in two years' time. They will invest a fixed sum into a two-year fixed deposit savings account that pays interest at 12% p.a. How much would they need to invest today to have R150 000 at the end of the two-year period if:

(a) interest is paid annually?

(b) interest is paid half-yearly?

Reference no: EM13990493

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