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Carry on atleast 6 decimal places on interest calculations, attach excel screenshot. The answer is 5384 Hazel has been working for a family business for
Carry on atleast 6 decimal places on interest calculations, attach excel screenshot. The answer is 5384
Hazel has been working for a family business for 15 years and the family has decided to set up a pension that will pay her $15,000 per year to supplement her savings and CPP. She just turned 40 and expects to retire the day she turns 60 . This will be done by the company making an annual contribution into a fund for her. They will make this contribution starting immediately and continue annually until her retirement day. A look at her parents and relatives indicates that she is going to live into her seventies. Therefore, the plan will assume that she will live until she is 80 . At 60 she will be given a year's salary as a retirement package. Therefore, she will not have to draw anything from the fund until her 61st birthday. Starting on her 61st and ending on her 80th birthday, she will draw $15,000 from the pension plan (20 withdrawals). If the money contributed into the fund earns 5% per year, how much must the company contribute each yearStep by Step Solution
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