• Say you begin working when you are 25 years old, and will retire when you are 60 years old. After retirement, you wish to have monthly (end-of-month) earnings of RM6,000 per month, until you are 80 years old. If you can only make semiannual (end of every 6 months) deposits, while working, in an account that pays an interest of 6% per year, compounded quarterly, how much must the deposits be?

Answer rating: 100% (QA)

To calculate the semiannual deposits needed to achieve your retirement goal we can use the future va... View the full answer