Homework Answers
Q3.
Option C
Using financial calculator
PMT=-500
PV=0
FV=1000000
I/Y=8%/12
CPT N=400.7179937
Hence, it will take 400.7179937 months or =400.7179937/12=33.39316614 years
Age at the time of retirement=21+33.39316614=54.39 years
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