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How much does need to save every year

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Muthu's goal is not to work in his current position within the next 25 years. He expects that once he stopped working, he will only use the funds from the interest generated from his accumulated savings by the end of the 25th year. He felt he need a least RM150,000 every year to maintain his current standard of living after he stopped working.

Question 1: Assuming the interest rate is at 12 percent. How much does he need to save every year for the next 25 years for him to achieve his goals.

Question 2: If he factored in the inflation rate of 4% after he stopped working, how much does he needed to save every year so he can enjoy living with RM150,000 every year adjusted to the 4% inflation rate.

Reference no: EM132566232

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