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Part B: Billy wishes to save money for his retirement. He plans to deposit equal amounts at the end of each year for the next
Part B: Billy wishes to save money for his retirement. He plans to deposit equal amounts at the end of each year for the next 30 years into a retirement investment account. He plans that one year after making his final deposit, he will withdraw R100 000 annually for the following 25 years. Assume that the retirement fund earns 11% annually over both the period that he is depositing his money and the period that he is withdrawing his money. REQUIRED: Calculate annual amounts that Billy should deposit in order for him to achieve his retirement plans. Please Note: Round off to two decimal places. [8]
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