PLEASE PROVIDE WORKINGS TO THE SOLUTIONS. Suppose you are 40 years old and plan to retire in exactly 20 years. 21 years
Posted: Thu May 26, 2022 6:58 am
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?
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?