Business, 15.06.2020 11:57 Nicky156

III. John is currently 25 years old. He has $10.000 saved up and wishes to deposit this into a savings account which pays
him JI2 = 6% p. a. He also wishes to deposit $X every
month into that account so that when he retires at 55. he
can withdraw $2000 every month end to support his
retirement. He expects to live up till 70 years. How much
should he deposit every month into his account? (10
Marks)

Answers: 3

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III. John is currently 25 years old. He has $10.000 saved up and wishes to deposit this into a savi...