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Thai account at the start of vacation

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Biswaroop wants to take a year long vacation in Thailand. He figures he can live on 36200 bhat per month. (1 Canadian dollar = 31 Thai bhat (rougly)). He plans to withdraw that amount at the start of each month from his Thai savings account paying 2% interest compounded monthly.

a) How much money (in Thai bhat) will he need in his Thai account at the start of his vacation?

In order to save up the necessary amount of money, Biswaroop will deposit money at the end of each month for 2 years in a Canadian savings account paying 4% per year compounded monthly. His first deposit will be $P and then each subsequent deposit will increase by $P.

b) How much does he need in Canadian dollars so that when he transfers it to his Thai account he has enough bhat for the year?

c) What is the PV of an annuity due paying $1 (Canadian) per month for 12 months?

d) How big does $P have to be so that he ends up with enough Canadian dollars in his account to start his vacation?

Reference no: EM132579947

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