You plan to travel around the world 10 years’ from now. You estimate that you will need £59,000 and decide to start saving today. You will make your first deposit today and plan to make a total of 10 deposits into your savings account (including the one today).
If every deposit you make is an equally large sum, how big does that sum have to be in order for you to have £59,000 10 years from now?
Assume that the interest rate paid by the bank is 4.3 % and that you have to pay 30 % in taxes on interest gains.