Mr. Smith wishes to retire in ten years time. He requires a pension of $8 000 per
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Mr. Smith wishes to retire in ten years’ time. He requires a pension of $8 000 per month for twenty years, commencing the month immediately after the month he retires. A nominal (quoted) interest rate of 12% per annum would be appropriate for your calculations. Interest is compounded monthly. Calculate the amount that should be invested today to enable Mr Smith to receive his required pension. Please show working.
Related Book For
Systems analysis and design
ISBN: 978-0136089162
8th Edition
Authors: kenneth e. kendall, julie e. kendall
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