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How much would Mr Tan have had to save each year

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Question - Mr. Tan expects to retire in 15 years and has suddenly realized that he hasn't saved anything toward that goal. After giving the matter some thought, he has decided that he would like to retire with enough money in savings to withdraw RM85,000 per year for 25 years after he retires. Assume a 6% retum on investment before and after retirement and that all payments into and withdrawals from savings are at year end.

i) How much does Mr. Tan have to save each year for the next 15 years to reach this goal?

ii) How much would Mr. Tan have had to save each year if he had started when his retirement was 25 years away?

Reference no: EM133027182

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