Can someone please answer this without excel Retirement fund Samuel Schneider will turn 30 years...
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Can someone please answer this without excel
Retirement fund Samuel Schneider will turn 30 years old next year. He comes up with a plan to save for his retirement at age 67 years. Currently, he has saved $40,000 in a balanced superannuation account earning 8.3 per cent annually. He also currently has invested an inheritance of $50,000 in a money market account earning 5.25 per cent per annum and plans to leave it as part of his retirement savings. He has set himself a retirement target of $2,000,000. How much must he deposits into his superannuation account each year to reach his target? If Samuel is earning $60,000 a year and 9 per cent of his salary is deposited into his superannuation by his employer, would Samuel have to make further contributions to enable him to reach his goal? Explain your and answer.
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