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How much must each deposit be so ahmad will have

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Question - A terrace house in Proton City costs RM200,000.00 today. Housing prices in Proton City are increasing at a rate of 4% per year. Ahmad wants to buy the house in 8 years when he retires. Ahmad has RM25,000.00 right now in a savings account paying 8% interest per year. Ahmad wants to make eight equal annual deposits into the savings account starting today. How much must each deposit be so Ahmad will have enough money in his savings account to buy the retirement home when he retires?

Reference no: EM132978565

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