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What annual contribution should he make

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Question - Morris intends to retire in 10 years' time. What annual contribution should he make to his superannuation fund, starting at the end of the current year, if he expects to draw a pension of $120,000 per year for 20 years following his retirement? The fund earns a return of 8% p.a. with annual compounding and its current balance is $200,000.

a. $51,523.11

b. $81,329.00

c. $67,523.11

d. $77,558.91

e. None of the other answers is correct

Reference no: EM132603809

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