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How much will be the amount of each payment

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(a) Mary is planning to retire in 10 years, and buy her dream home in Nelson Bay, NSW. The house is currently priced one million in the market and is expected to grow in value each year at a 5% rate. Assuming that she can earn 10% annually on her investments, how much must she invest at the end of each of the next 10 years to be able to buy her dream home when she retires?

(b) Amy borrowed $10,000 today. She is required to repay equal amounts at the end of each of 7 years, with the first payment starting in four years' time. The relevant interest rate is 8% per annum. How much will be the amount of each payment?

Reference no: EM132614123

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