Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please provide rough solution 18. Khun Nimit works in a private company. Have stable income and work Receive a monthly salary of 55,000 baht every

please provide rough solution

image text in transcribed 18. Khun Nimit works in a private company. Have stable income and work Receive a monthly salary of 55,000 baht every end of the month Khun Nimit is currently 28 years old and expects to retire at the age of 60 . He currently has 400,000 baht in savings in his 1-month fixed deposit account. By character, Khun Nimit is a person who does not like extravagance. and averse to risk therefore not investing in other types of assets. In addition to depositing an account with a bank only family status Khun Nimit is single. No family burdens, no heirs, no debts, but wanting to give inheritance to grandchildren in the amount of 1,500,000 baht. In terms of health, Khun Nimit is healthy according to her age. exercise regularly and no congenital disease So he thought that he would live an average of 75 years. He thought that when he retired Want to withdraw money to spend at the beginning of every month 35,000 baht per month until the end of life Assuming that the interest rate for 1-month fixed deposit is always constant, equal to 3% per year. If Khun Nimit want to plan to save money. To complete the retirement plan and want to save at the end of every quarter So how much do you have to save each quarter? By depositing in a fixed deposit account for 1 month CPT PMT = Answer baht

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Banking With Integrity The Winners Of The Financial Crisis

Authors: Dr Heiko Spitzeck , Dr Michael Pirson, Dierksme , Dr. Heiko Spitzeck , Prof. Claus Dierksmeier, Dr. Michael Pirson

1st Edition

ISBN: 0230289959,0230346499

More Books

Students also viewed these Finance questions