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Today, you start investing $150,000 into your personal retirement account for 25 years and there will be no additional contributions throughout. Assuming the investment provides a return rate of 7% per annum, what will your account be worth when you retire in 25 years if the return is compound annually? (2 marks) A virtual bank is newly established and offers savings deposits rate of 2% per annum and compounded semi-annually. If you deposit $100,000 into that account, how many years will you have to wait until your account is worth $120,000? (3 marks) You need $500,000 for wedding in 8 years. If you could earn 0.7% per month, how much will you have to deposit today if the return is compound monthly? (2 marks)
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