Question
Please show your working and the formulas: ------- After completing his Bachelor of Communication (Major in Digital News) degree, Jamie secured a permanent position as
Please show your working and the formulas:
-------
After completing his Bachelor of Communication (Major in Digital News) degree, Jamie secured a permanent position as an digital reporter writer. Jamies financial plan is to retire in 30 years from now. So, he is thinking about creating a fund that will allow him to receive $32,000 at the end of each year for 25 years after his retirement. He is expecting to earn 6.75% per annum during the 25-year retirement period.
Question:
To provide the 25- year, $32,000 a year annuity, calculate how much should be in the fund account when Jamie retires in 30 years.
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