Question: Question 2: You plan to have AED 5 million when you retire, 20 years from today. (a) If your most preferred bank gives you an

Question 2:

You plan to have AED 5 million when you retire, 20 years from today.

(a) If your most preferred bank gives you an interest rate of 1% every month, how much do you need to invest every month in your savings account to retire with the AED 5 million in 20 years? Assume your first payment in your account will be made in 1 month.

(b) If your most preferred bank gives you an interest rate of 0.5% every week, how much you need to invest every week in your savings account to retire with the AED 5 million in 20 years? Assume your first payment in your account will be made today.

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