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(b) You currently find a new job earning $30,000 per month. To retain talents, your company provides an attractive investment plan for employees' retirement planning.
(b) You currently find a new job earning $30,000 per month. To retain talents, your company provides an attractive investment plan for employees' retirement planning. If you invest 10% of your initial monthly salary in the investment plan and your company provides an extra contribution to your investment plan with a S0.5 per $1 match on your contribution. The amount of contribution remains unchanged over the investment period and the annual interest rate is 6%. You plan to retire at age 60. which implies that you will contribute to your employees' investment account for 30 years. Given that you plan to deplete your employees' investment account over 15 years, how much can you withdraw monthly during 15-year retirement period? Use TVM formulas and show ALL calculation (10 marks) steps. Round your answers to 2 decimal places
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