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How much would you have in the above plan

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Reference no: EM133024897

Question - A bank offers a retirement investment plan that pays 6% interest per year, compounded monthly.

(a) Starting now, you will invest RM300 monthly in the above plan for 35 years, up to your retirement. How much would you have in the above plan just after your retirement?

(b) Starting a month after your retirement, if you withdraw RM5,000 per month from the plan, for how many months after your retirement can you withdraw these amounts?

(c) A month after the time determined in (b) above, you withdraw all of the available money from the plan. How much would your final withdrawal from the plan be then?

Reference no: EM133024897

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