Question: Question 2: You plan to have AED 7 million when you retire, 10 years from today. (a) If your most preferred bank gives you an

Question 2:

You plan to have AED 7 million when you retire, 10 years from today.

(a) If your most preferred bank gives you an interest rate of 3% every month, how much do you need to invest every month in your savings account to retire with the AED 7 million in 10 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 10% every year, how much you need to invest every week in your savings account to retire with the AED 8 million in 10 years? Assume your first payment in your account will be made today.

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