Question
En. Rizal, who is 35 years old, has just inherited RM11,000 and decides to use the windfall towards his retirement. He places the money in
En. Rizal, who is 35 years old, has just inherited RM11,000 and decides to use the windfall towards his retirement. He places the money in a bank which promises a return of 6% per year until his planned retirement in 30 years. If his funds earn 6% interest compounded annually, how much will he have at retirement? Repeat the analysis for both semi-annual and continuous compounding.
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