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Janet expects she will need $1,500,000 in 30 years to fund her retirement comfortably. At the moment, her fortnightly superannuation contributions are $800. What is
Janet expects she will need $1,500,000 in 30 years to fund her retirement comfortably. At the moment, her fortnightly superannuation contributions are $800. What is the nominal annual interest rate she will need to earn on her superannuation fund, in order to achieve her intended accumulated value? Choose the correct set of workings and final answers below. PV=PMT[r1(1+r)t]1500000=800[r1(1+r)780] Nominal fortnightly rate, r=0.1991% per fortnight, and Nominal annual rate =5.177% p.a. FV=PMT[r(1+r)t1]1500000=800[r(1+r)7801] Nominal fortnightly rate, r=0.1999% per fortnight, and Nominal annual rate =5.198% p.a. PV=PMT[r1(1+r)t]1500000=800[r1(1+r)30] Nominal annual rate, r=17.5824% p.a. FV=PMT[r(1+r)t1]1500000=800[r(1+r)301] Nominal annual rate, r=22.295% p.a. FV=PMT[r(1+r)t1]1500000=20800[r(1+r)301] Nominal annual rate, r=5.475%p.a
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