Uhdam would like to save $80,000 for a deposit on her first home.She has decided to invest her net monthly salary of $4500 at the beginning of each month .
she earns 4.5% in interest per annum, compounded monthly. Uhdam intends to $M at the end of each month from her account for living expenses, immediately after the interest has been paid.
i) show that the amount of money at the end of the 2nd month following the second withdrawel of $M is given by:
$4500 (R2+R)-$M(R+1), where R=1+ 4.5/1200
ii) If Uhdam is to reach her goal in 6 years , show that
M=(4500(R72+R71+⋯+R)-80000)/(R71+R70+⋯+R+1)
iii) calculate the value of M. Leave your answer to the nearest integer
