5. An employee currently has $130,000 in their MPF and contributes another $1500 every month. Interest...
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5. An employee currently has $130,000 in their MPF and contributes another $1500 every month. Interest is compounded monthly. What average annual interest rate is needed so that the employee will have $1m in 35 years? 6. A mortgage of $4m is taken out over 20 years at an interest rate of 2.8% p.a. compounded monthly. a. How much must be paid back each month? b. How much is still owed after 10 years? 5. An employee currently has $130,000 in their MPF and contributes another $1500 every month. Interest is compounded monthly. What average annual interest rate is needed so that the employee will have $1m in 35 years? 6. A mortgage of $4m is taken out over 20 years at an interest rate of 2.8% p.a. compounded monthly. a. How much must be paid back each month? b. How much is still owed after 10 years?
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