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Wei Ming is 2 5 years old graduating from NTU with a business degree. According to Singapore Department of Statistics ( DOS ) , the

Wei Ming is 25 years old graduating from NTU with a business degree. According to Singapore
Department of Statistics (DOS), the average accumulated savings of Singaporeans from 30 to 60
years old, and Wei Ming's respective savings targets are shown in Table 1.
Table 1
DOS's average accumulated savings and Wei Ming's targeted savings
In Table 1, average accumulated savings is calculated based on 28.8% of Singaporeans' average
monthly salary. However, Wei Ming's target savings is 50% of his monthly salary. Assume
Singaporeans start working from 26 years old.
Required:
a. Compute the average monthly salaries of Singaporeans at different ages from 30 to
60 years old to achieve their average accumulated savings. Assume no interest rate.
(5 marks)
b. Compute Wei Ming's expected monthly salaries to achieve his accumulated
savings targets from 30 to 60 years old. Assume no interest rate.
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