Suppose Connie is now at the age of 34 and starts savings for her retirement at…

Suppose Connie is now on the age of 34 and begins financial savings for
her retirement on the age of 65. She desires to have the ability to withdraw
$300,000 from her financial savings account on every birthday after her
retirement, with the primary withdrawal on her 66th birthday and the
final withdrawal on her 88th birthday.

(a) She is contemplating becoming a member of a financial savings plan supplied by
Insurance coverage Firm A, which provides her a return of 10% p.a.
all through all the interval. Assume that she desires to make equal
deposit into the financial savings account on every of her birthdays, with the
first deposit on her thirty fifth birthday and the final deposit on her sixty fifth
birthday. How a lot cash does she must deposit yearly into
the financial savings account with the intention to meet her retirement plan?

(b) Suppose Insurance coverage Firm B provides Connie one other financial savings
plan. In keeping with this financial savings plan, she is required to make a
mounted month-to-month deposit into her account, the place she may earn 15%
EAR. On her retirement date, all her cash within the financial savings account
can be transferred to a extra liquid account paying 6% EAR, from
which she may withdraw her cash freely as she likes.

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To reap the benefits of the liquidity of her account, Connie is
planning to make the next withdrawals along with her
annual withdrawals of $300,000 ranging from her 66th birthday to
88th birthday:

1. Withdrawing $200,000 from her account on her sixty fifth birthday
for a 3-month journey in celebration of her retirement.

2. Withdrawing $100,000 from her account on her seventieth birthday
and one other $100,000 on her eightieth birthday for organizing luxurious
birthday events for herself.

3. Donating $80,000 yearly to her college, ranging from
her eightieth birthday to 88th birthday.

Assume that Connie will make her first deposit six months from
in the present day and the final deposit one month earlier than her retirement.

So as to fulfill her retirement plan, how a lot cash should
Connie have in her financial savings account on her sixty fifth birthday when she
retires?

(ii) What ought to her month-to-month deposit be with the intention to fulfill her
retirement plan?

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