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QY9: Today is Jim's 19 birthday. His birthday wish is to retire in a beach house located in Coromandel on his 40 birthday. He estimates
QY9: Today is Jim's 19" birthday. His birthday wish is to retire in a beach house located in Coromandel on his 40" birthday. He estimates the value for a 100-sqm beach house in Coromandel will cost him $2 million by the time of his retirement (namely, his 40" birthday). Jim decides to save money for his beach house. His saving will go to an investment trust that gives Jim a guaranteed investment return of 10% per year. Jim will save a fixed amount of money into his trust account each year. The saving schedule will start on jim's 20" birthday and stop on his 40" birthday. How much at least does Jim have to save each year so that he can afford the beach house using the money in his trust account
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