3.1 A person wants to save money to buy a house after 8 years and deposits an amount of R200 000 into a savings account. After two years and three months an amount of R40 000 is withdrawn. The interest rate for the first four and a half years is 9,25% p.a., compounded monthly. Thereafter it changes to 10,5% p.a., compounded quarterly. How much money will be available after 8 years to buy a house? 3.2 At the start of 2007 an amount of R6 000 is deposited into a savings account at an interest rate of 5,55% p.a., compounded monthly. At the end of 2007 the interest rate increases to 6,05% p.a., compounded monthly. At the start of March 2009 the person decides to withdraw R3 400. What is the total amount available at the end of 2016? 3.3 When a person retires, an amount of R2,5 million will be available as a life annuity. Calculate how long the person will be able to withdraw R25 000 per month, at the beginning of each month, from this fund if it earns interest at 10% p.a., compounded monthly. Approximate to the nearest month.