Bruce and Karen have a new-born baby, Lisa. Generous grandparents have made a gift of $15 000 available for Lisa. Bruce and Karen have decided to invest this in trust for Lisa so that on her 21st birthday she will have a deposit to buy a one-bedroom home unit. Bruce and Karen are considering making additional annual payments to the trust account, in order to increase the deposit amount to 40% of the expected price of the unit. Assume that the current price of a one-bedroom home unit is $220 000 and that property prices grow at 3% p. a. Assume that the trust account receives interest at 6.5% p. a. b) How much must Bruce and Karen contribute each year to achieve the desired deposit amount of 40% of the unit's expected purchase price?
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