Answered step by step
Verified Expert Solution
Question
1 Approved Answer
2) After your graduation at the age of 21 you are planning to get employed and immediately start your retirement plan with Ular Umit. The
2) After your graduation at the age of 21 you are planning to get employed and immediately start your retirement plan with Ular Umit. The pension fund payments will be 2 million KZT per year. According to legislations, the earliest age of retirement is 51. The fund will be investing your payments at an annual rate of 12% per year. However at the age of 41 you would like to make a trip to far Asia as a reward for your many years of working. Currently such a trip costs 2 million KZT, but you expect this cost to increase by 10% every year. After your retirement also you are planning to rewards yourself as a trip to Europe and America. Today such a trip will cost 3 million KZT and you expect this cost to increase by 8% every year. After your retirement how much money will be accumulated in your fund account for your remaining life
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started