Tutorial L Introducti CSP1501 Semester Departme Question 2 Upon their retirement in a meeting with their advisor, mr and mrs Moraba determined the amount that they will need in order to live...

Extracted text: Tutorial L Introducti CSP1501 Semester Departme Question 2 Upon their retirement in a meeting with their advisor, mr and mrs Moraba determined the amount that they will need in order to live comfortably. They expect a 20-year retirement period. How much should mr and mrs Moraba deposit now in a bank account paying 7.5% interest per year, compounded yearly to be able to withdraw the amount of R480 700 at the end of each year, starting one year from now? [1] R20 816 560,32 [2] R2 041 942,02 (3] R4 900 492,00 (4] R1 201 750,00