Determine the value of June money have grown

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(a) Lilati invests RM50,000 in a saving account paying an annual compound interest of four percent for five years and then moves it into saving account that pays six percent interest compounded annually. Determine the value of June's money have grown at the end of seven years.

(b) An annuity is a financial product that provides certain cash flows at equal time intervals. Annuities created by financial institutions, primarily life insurance companies, to provide regular income to a client. An annuity is a reasonable alternative to some other investments as a source of income since it provides guaranteed income to an individual.

Reference no: EM133058456

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