Question: (a) Mary Jane (aged 55) has just started working with the XYZ Company and is just trying to catch up on having money for retirement.

(a) Mary Jane (aged 55) has just started working with the XYZ Company and is just trying to catch up on having money for retirement. XYZ offers her a pension plan with an annuity that is guaranteed to earn 10% interest compounded annually. She plans to work for 5 years before retiring and would then like to be able to draw an income of $100,000 per annum for 15 years. How much must be deposited per annum into her retirement fund to accomplish this?

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