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What annual pension will he be able to draw

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Question - Boris has $100,000 in his superannuation fund and will contribute an additional $15,000 to the fund per year, until he retires in 25 years' time. Following retirement, he intends to draw an annual pension from the fund for 30 years. What annual pension will he be able to draw, if the return on the fund is 5% p.a. with annual compounding?

a. $30,899

b. $35,151

c. $53,076

d. $46,571

e. None of the other answers is correct

Reference no: EM132533610

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