which 25 30 savings (starting starts 35 40 45 50 55 60 Age at Years to retirement a. 40 35 30 25 20 15 10 5 Monthly investment amount) R 270 R 441 R 728 R 1 220 R 2 100 R 3 800 R 7 500 R 19 600 Total contributions R 129 600 R 185 220 R 262 080 R 366 000 R 504 000 R 684 000 R 900 000 R 1 176 000 Growth on investment R 1 498 430 R 1 499 098 R 1 498 770 R 1 499 400 R 1 498 644 R 1 499 400 R 1 499 400 Total value at age 65 R 1 500 000 R 1 500 000 R 1 500 000 R 1 500 000 R 1 500 000 R 1 500 000 R 1 500 000 inflation is not taken into account Projected pay-outs are guaranteed. Monthly contribution increase by a minimum of 10% yearly (2) Write down Mrs Venter's monthly contributions. b. Determine the number of months that Mrs Venter will contribute toward her savings? c. Mrs Venter aims to have a lump sum of R 6 million rand when she turns 65. Determine her monthly contribution. d. If Mrs Venter escalates her monthly contributions by a minimum of 10%. Calculate how her monthly contributions will increase in the next 5 years. (2) (3) (6)
