3.1 Njabulo has just received a lump sum of money and since he still has not planned how he will spend it, he decided to invest it in a bank. His desire is to find a bank that will at least treble his investment in the next 10 years. Calculate the minimum annual compound interest rate he must be offered by the bank in order to achieve his goal.
3.2 A farmer bought a brand new tractor which costed her R 950 000. It is established that the value of the tractor decreases on a reducing balance method and the rate of depreciation is \( 17 \% \) per annum. If the farmer decides to sell the tractor in 5 years and then invest the money for 7 years at an interest rate of \( 8,5 \% \) per annum compounded quarterly, how much will the farmer have when investment matures?
3.3 Matthews pays a monthly instalment of R 207,82 for 36 months in terms of a hire purchase agreement with an interest of \( 20 \% \) per annum. The instalment includes a R53 insurance premium per month.
3.3.1 Determine the accumulated loan amount
3.3.2 Calculate the cash price if a 15\% deposit was made
In his budget, the minister of finance claimed that the price of bread has quadrupled in the 25-year period from 2000 to 2025 as a result of inflation.
Determine the average inflation rate over this period.