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Schalking Ltd is a logistic company operating in the Southern African market. In order to...

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Accounting

Schalking Ltd is a logistic company operating in the Southern African market. In order to replace a truck in eight years time, a business sets up a sinking fund, paying R1 800 into the fund each month. Payments start in one months time. Interest of 9.4% p.a. is compounded monthly. How much money will have accumulated in the fund immediately after the last payment has been made at the end of the eight years? And will this be enough to acquire the truck that is currently costing R250 000

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