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Amount to be used to lease a private jet

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Reference no: EM132384120

Question 1

(a) A professional golfer, 10 years from planned retirement, plans to invest a fixed amount of e20,000 a month for 5 years to save an amount to be used to lease a private jet over the final 5 years of their career.

(i) How much will they have at the end of the initial 5 year period if they earn 10% interest (compounded monthly) on their deposits from a crowd lending site?

(ii) What monthly lease payment can the golfer afford over the 5 year lease period assuming constant withdrawals from the total in (i) with the remainder earning interest at 11%, compounded monthly?

Reference no: EM132384120

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