QuestionA firm needs to deposit now to pay R6,285 per coffee machine in 4 months with $8\%$ annual simple interest. How much?

Studdy Solution
Calculate the amount that must be deposited into the savings account now.
$$= \frac{R18,855.00}{ +0.0266667} = R18,366.28$$The firm needs to deposit R18,366.28 into the savings account now.