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A 35 year old Lecturer at the Merdeka Campus plans to start saving in preparation for a pension fund. The planned retirement age is 65
A 35 year old Lecturer at the Merdeka Campus plans to start saving in preparation for a pension fund. The planned retirement age is 65 years and plans to withdraw a pension of IDR 50 million at the beginning of each year starting at age 65 for 10 years. If it is known that the effective interest rate for saving (first 30 years) is 9% per year and 7.5% during retirement (the next 10 years), how much savings should you set aside at the beginning of each year for 30 years?
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