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Sibu started saving for his sons university tuition fees when his son was born on...

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Accounting

Sibu started saving for his sons university tuition fees when his son was born on 1 January 2020. On the date of his son's birth, he deposited R10 000 in a savings account and committed to deposit R25 000 per year at the end of each year into this savings account, which he has been doing up to now. The savings account earns interest at 7.5% per year (compounded annually) and will continue to do so until the end of the investment. Assuming that he will continue with this commitment until 31 December 2037, how much money will Sibu have in the savings account on his sons 18th birthday

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