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Suppose you are 45 years old this year and plan to retire 15 years from now. You have just signed a contract to put a
Suppose you are 45 years old this year and plan to retire 15 years from now. You have just signed a contract to put a certain amount of annual contributions into the EYF retirement plan. It is expected that you will receive RM 120,000 from the retirement plan at retirement age. According to your plan, 16 years from now, you will need to withdraw RM 5,000 from the EYF retirement fund every year to supplement your social security funds. Based on your family history, you are expected to live to be 80 years old. If you can earn 15% interest from your retirement fund every year, how much money should you invest in your retirement fund every year for the next 15 years to reach your retirement goal fund? (3 marks)
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