Your goal is to retire at the age of 65, 35 years from now, with a...

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Your goal is to retire at the age of 65, 35 years from now, with a target fund of 2,000,000. Currently, you have a nest egg of 200,000. Your retirement plan involves depositing 200,000 into a time deposit account for the entire 35-year period. Additionally, you plan to open an instalment savings account, making 35 equal annual deposits for the next 35 years, starting one year later. At the age of 65, you intend to withdraw the accumulated savings, including both principal and interest, from the instalment savings account. To achieve a total fund of 2,000,000 at retirement, which considers the funds from both your time deposits and instalment savings accounts, you need to determine the annual deposit required for the instalment savings account. What is the annual instalment amount? The interest rate for both instalment savings and time deposits is 3%. Present your calculations clearly. Your goal is to retire at the age of 65, 35 years from now, with a target fund of 2,000,000. Currently, you have a nest egg of 200,000. Your retirement plan involves depositing 200,000 into a time deposit account for the entire 35-year period. Additionally, you plan to open an instalment savings account, making 35 equal annual deposits for the next 35 years, starting one year later. At the age of 65, you intend to withdraw the accumulated savings, including both principal and interest, from the instalment savings account. To achieve a total fund of 2,000,000 at retirement, which considers the funds from both your time deposits and instalment savings accounts, you need to determine the annual deposit required for the instalment savings account. What is the annual instalment amount? The interest rate for both instalment savings and time deposits is 3%. Present your calculations clearly.