Answer Happy

Amir joined Takaful Sayang by paying RM400 per month. Takaful
Sayang, with a contract of mudharabah investment, has two accounts
which are Participant Special Account (PSA) and Participant Account
(PA). The takaful offers the following PSA rates:
Year
PSA (%)
First
100*
Second
-10
Third
-40
Fourth
-50
Fifth
-60
Sixth to tenth
-70
Eleventh onwards
-80
* Initial percentage. Any positive or negative increment in the
monthly rates shown above is based on the initial rate in the first
year.
After twenty five (25) years, Amir wants to terminate the
takaful contract. Based on the above information, answer the
following questions.
(a) How much is the total amount of
money that has become tabarru’ in that Takaful?
(5 marks)
(b) Assume that Amir neither claims
nor makes any withdrawal during the period of his contribution to
the Takaful and his total investment profit for twenty five years
is RM20,500 (one-off only). How much is the total amount of money
that will be received by Amir after he closes the takaful
account?
(5 marks)