You have a job offer ($40,000 per annum, plus 9.5% super. Your salary is expected to grow with the CPI each year, CPI is 3% per year.)

Your super fund is returning an expected 5% per year.

You are 26 years old and plan to retire at age 65, and assume you require $40,000 per year in present value $ from super fund when you retire.

Super earnings should be calculated based on the opening superannuation account balance.

1. Provide an excel spreadsheet of accumulated super for each year through to retirement.

Use the following headings in spreadsheet (year, age, salary, opening super balance, add employer super contributions (9.5%), less contributions tax (15%), add earnings (net of tax), closing super balance).

is this table correct? Or for the second year earnings would it be $161.5? (as tax has already been applied to the $3230)

thanks!