Mr Chan is 30years old and his salary next year will be $20,000.Mr Chan forcasts that his salary will increase at a steady rate of 5percent per annum until his retirement at age 60
If Mr Chan saves 5percent of his salary each year and invests these savings at an interest rate of 8percent, how much will he have saved by age 60?
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FINANCE
2007-01-22 10:31 pm
回答 (1)
2007-01-24 6:26 am
✔ 最佳答案
years to go = 60 -30 = 30 yearsstready rasing rate of salary = 5%
money saved each year = ($20,000 x (1+5%)^n x- $20,000) x 5% x (1+8%)
where n = 0 to 30
The total money saved = sum of from n=1 to n=30
That the answer!!!
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