Homework Answers
| Interest | 12% | |||
| Age | Year | Deposit | FV factor | Future value |
| 25 | 0 | 25,000 | 5.473566 | 136,839.14 |
| 26 | 1 | 2,000 | 4.887112 | 9,774.22 |
| 27 | 2 | 3,000 | 4.363493 | 13,090.48 |
| 28 | 3 | 4,000 | 3.895976 | 15,583.90 |
| 29 | 4 | 5,000 | 3.47855 | 17,392.75 |
| 30 | 5 | P | 3.105848 | |
| 31 | 6 | P | 2.773079 | |
| 32 | 7 | P | 2.475963 | |
| 33 | 8 | P | 2.210681 | |
| 34 | 9 | P | 1.973823 | |
| 35 | 10 | P-20000 | 1.762342 | |
| 36 | 11 | P | 1.573519 | |
| 37 | 12 | P | 1.404928 | |
| 38 | 13 | P | 1.2544 | |
| 39 | 14 | P | 1.12 | |
| 40 | 15 | P | 1 | |
| 192,680.50 | ||||
| Sum of Future value for the contribution made between 25th to 29th | 192,680.50 | |||
| Sum of FV factor for age between 30 to 40 | 20.6545833 | |||
| FV of withdrawal of age 35 | 20000*1.762342 | |||
| FV of withdrawal of age 35 | 35,246.84 | |||
| 192680.50-35246.84+ P*20.6546=400000 | ||||
| 157433.66+ P*20.6546=400000 | ||||
| P*20.6546=400000-157433.66 | ||||
| P*20.6546= 242566.34 | ||||
| P= | 242566.34/20.6546 | |||
| P= | 11,743.94 | |||
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