How much will be available to live on during retirement

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You plan to save for retirement beginning at age 22. In addition to the $1,000 IRD startup deposit at age 22 you will deposit $400 per month into a KiwiSaver growth account that earns 9% p.a. with monthly compounding. Payments will be made at the end of each month. How much will be available to live on during retirement when you turn 67 years old? (Calculate and explain in detail)

Reference no: EM132555246

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