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financial management assignment, Financial Management
You have just had your 30
birthday. You have two children. One will go to college 12 years
from now and require four yearly payments for college expenses of RM11,000, RM12,000,
RM13,000 and RM14,000. The second child will go to college 15 years from now and
require four yearly payments for college expenses of RM16,000, RM17,000, RM18,000 and
RM19,000. In addition, you plan to retire in 35 years. You want to be able to withdraw
RM50,000 per year from an account throughout your retirement. You expect to live 25 years
beyond retirement. The first withdrawal will occur on your 66
birthday. All savings earn a
13% of annual rate of return.
What equal annual amount must you save for each of the next 35 years in order to meet these
(Hint: Calculate present value of funds needed for college expenses for first child, second
child and for your retirement annuity and then determine the annual payments needed to meet
Show all relevant workings.
Posted Date: 10/13/2012 5:55:48 AM | Location : United States
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