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What should the new monthly deposits be

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Reference no: EM132505360

Mary intends to get married in eight year's time. She estimates that the cost of the wedding will be £20,000 then. She intends to save this amount by making equal monthly deposits at the end of each month in a bank that pays 5% compounded monthly.

Question (a) How much will this deposit be?

Question (b) After paying for two years, the estimated cost of the wedding has gone up to £30,000. What should the new monthly deposits be? If Mary decides to make a lump sum deposit of X at the end of two years, instead of making the additional monthly deposits, calculate the value of X.

Reference no: EM132505360

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