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Mr. Thomas a high school teacher, after attending a life skills and financial safety development training session opened a retirement fund account at Republic Bank.
Mr. Thomas a high school teacher, after attending a life skills and financial safety development training session opened a retirement fund account at Republic Bank. He contributes $10 000 per month into this retirement fund account and the fund grows at a rate of 5% per annum compounded continuously. After retiring, Mr. Thomas will not contribute anymore cash towards the fund. He plans to withdraw a maximum of $75 000 a month to aid his living expenses. He calculated the number of years from the time he opened the fund to the time he is legally expected to proceed on retirement as 30 years Create a Mathematical model which will help Mr. Thomas keep track of the amount of money in the retirement fund after t years has passed and how long after retirement, the money in the fund will last
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