Alice intends to retire in 30 years' time. What annual contribution should she make to her superannuation fund, starting at the end of the current year, if she expects to draw a pension of $120,000 per year for 20 years following her retirement? Her fund earns a return of 5% p.a. with annual compounding.

Group of answer choices

None of the above

$22,509

$55,788

$36,123

$18,954

2.

Paul has just bought an apartment for $1,200,000. He intends to pay a deposit of $300,000 and finance the remaining balance with a 20-year home loan. Calculate the monthly repayments, given that his bank has offered him a fixed-rate of 3.6% p.a. with monthly compounding.

Group of answer choices

$7,901

$7,021

None of the other answers is correct

$7,559

$7,807

3.

Beverly has $20,000 in a savings account that pays interest at 7.2% p.a. with monthly compounding. What is the maximum amount she can withdraw today so that the balance is not less than $20,000 in 5 years' time?

Group of answer choices

This question cannot be answered because there is no appropriate formula

Since the current balance is $20,000, the future balance will be less than $20,000 if she withdraws anything

$6,031

None of the other answers is correct

$2,596

4.

Dorothy is saving to buy a new computer at the end of the year. There is currently $500 in her savings account, which is earning interest at 4.8% p.a. with monthly compounding. What additional amount should she deposit in her account right now, if the computer she intends to get will cost $2,500?

Group of answer choices

$2,383

$1,883

$2,385

$1,885

None of the other answers is correct