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Question 36 (9 marks) (Show all working clearly. Round off answers to 2d.p.) Kesa and Tulovo each started with $130,020. They retired, and both withdrew
Question 36 (9 marks) (Show all working clearly. Round off answers to 2d.p.) Kesa and Tulovo each started with $130,020. They retired, and both withdrew $6,500 of their money at the end of each year and spent it. Kesa experienced a 32 percent decline in his assets in year 2 whereas Tulovo experienced the same decline in year 3. They both had a 7 percent increase per year in their assets in the remaining years. Page 4 of 6 Required: Assuming no tax impact. what sums did each have at the end of each year for each of the four years following retirement? 19 m) in There have been
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