PLEASE PROVIDE WORKINGS TO THE SOLUTIONS. Suppose you are 40 years old and plan to retire in exactly 20 years. 21 years

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answerhappygod
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PLEASE PROVIDE WORKINGS TO THE SOLUTIONS. Suppose you are 40 years old and plan to retire in exactly 20 years. 21 years

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PLEASE PROVIDE WORKINGS TO THE SOLUTIONS.
Suppose you are 40 years old and plan to retire in exactly 20 years. 21 years from now

you will need to withdraw RM5,000 per year from a retirement fund to supplement your

social security payments. You expect to live to the age of 85. How much money should

you place in the retirement fund each year for the next 20 years to reach your

retirement goal if you can earn 12% interest per year from the fund?
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