During the first meeting all members paid the initial fees and their first monthly contributions.
Determine the total amount deposited in the bank account after the first meeting.
Simphiwe, a member of the Stokvel, had not yet paid his monthly contribution for July
(3)
by the 7th.
Calculate the total amount had to pay on the 13July when he made his monthly
contribution.
(3)
On 20 December 2019 the total amount in the Stokvel account was R110 614, 84.
(4)
Calculate the equal amount that each member received on
20 December 2019, assuming that all the members had paid all their monthly
contributions.
Siyabonga decides to invest in a retirement annuity, since he feels that his pension
fund may not be enough when he retires at the age of 65 years.​