You are planning to save for retirement over the next 30 years. To do this, you will invest RM700 a month in a saving ac
Posted: Wed Jul 06, 2022 6:28 pm
You are planning to save for retirement over the next 30 years. To do this, you will invest RM700 a month in a saving account and RM300 a month in a current account. The return of the saving account is expected to be 12 percent compounded monthly, and the current account will pay 6 percent compounded monthly as well. When you retire you will combine your money in an account with a 15 percent return compounded monthly. How much can you withdraw for retirement each month from your account assuming a 25 years withdrawal period?