Question
Your friend recently finished her degree in Biology, and has just started her first full time job. She receives a contribution of her employer of
Your friend recently finished her degree in Biology, and has just started her first full time job. She receives a contribution of her employer of 17% of her salary, every fortnight. She asks you for advice on whether she should make additional contributions to her superannuation account every fortnight. She hopes this will lead to her retiring a little bit early, in exactly 35 years. If she deposits an extra $320/fortnight, and her superannuation account is expected to earn a 7.6% return compounded fortnightly, how much extra can she withdraw when she retires as a result of her additional contributions? Enter you answer to the nearest cent (two decimal places).
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started