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ANSWER ALL QUESTIONS. PLEASE PROVIDE WORKINGS TO YOUR SOLUTIONS. 1. Suppose you are 40 years old and plan to retire in exactly 20 years. 21

ANSWER ALL QUESTIONS. PLEASE PROVIDE WORKINGS TO YOUR SOLUTIONS.

1. Suppose you are 40 years old and plan to retire in exactly 20 years. 21 years fromnowyou will need to withdraw RM5,000 per year from a retirement fund to supplement yoursocial security payments. You expect to live to the age of 85. How much money shouldyou place in the retirement fund each year for the next 20 years to reachyourretirement goal if you can earn 12% interest per year from the fund?

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