(viii) After having a long career of 28 years, Mr Paul who is currently 58...
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(viii) After having a long career of 28 years, Mr Paul who is currently 58 years old has decided to take his well-deserved retirement. Until the age of 70 years, he wants to guarantee an income of $ 11,000 at the end of each year. Assuming a rate of interest of 3% per annum, the starting amount he needs to accumulate will be:
A Between $100,000 and $ 101,000 B Between $104,000 and $ 105,000 C Between $ 109,000 and $ 110,000 D Between $ 114,000 and $ 115,000 [4 marks]
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