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What would be balance of william transfer balance account

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Reference no: EM132759992

Problem 1: William has a retirement phase income stream account from which he withdraws a $29750 pension during 2019-20. William's Transfer Balance Account record at 1 July 2019 was $595000. The fund has produced investment earnings of $57000 in the 2019-20 financial year. During the 2019-20 year, William transferred an amount of $8000 back into his accumulation account. Based on this information, what would be the balance of William's Transfer Balance Account at the end of the 2019-20 financial year?

Select one:

a. $587000
b. $614250
c. $644000
d. $557250

Reference no: EM132759992

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