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Calculate the payment that wrennie can expect to receive

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Wrennie's grandfather had left Wrennie a sum of RM83,000 for her undergraduate studies. The payment will be made available to her on her 18th birthday. Wrennie has just turned 6 years old.

  • Before she turns 18 years old, her parents plan to deposit the sum of money with the OSK Trustee. Based on the past record, the OSK Trustee have been providing 4% per annum semi-annually. This rate of return is expected to continue for the foreseeable future.
  • Wrennie's parents plan to use the money inherited to cover the costs of education and her living expenses. Upon Wrennie turning 18 years old, the OSK Trustee provides a return of 8% per annum paid monthly for the proceeds which was invested in a managed fund earlier.

Required:

Problem i) Calculate the payment that Wrennie can expect to receive each month if she uses all the proceeds during the course of her five year of dentistry degree?

Reference no: EM132712480

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