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How much samuel accumulate in his superannuation account

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Question - Samuel is planning for his retirement. He is currently 45 years old, and will retire at age 70. He already has $ 479982 in his super fund which earns 6% p.a. Samuel has just started a new job which pays him a decent amount of salary per annum. Out of the salary received, $ 7531 p.a., will be contributed into the super fund account at the end of each year, with a 7% p.a. Assuming that the salary and interest rates remain constant until his retirement age, how much will Samuel accumulate in his superannuation account when he retires?

Reference no: EM132755822

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