Shakib Al Hasan, the number 1 allrounder of the world and the best ever cricketer of Bangladesh Cricket Team is 30 years old and will retire at age 45. He will receive retirement benefits but the benefits are not going to be enough to make a comfortable retirement life for him. Mash has estimated that an additional end-of-year Tk. 50,000 over his retirement benefits will allow him to lead a satisfactory life. Assume Mash will have live 20 years after retirement.
a) While retirement at age 45, how much should Mash accumulate in a bank account that will pay 6% to reach financial happiness after retirement till death? (5)
b) How much should Mash deposit today in an account paying 9%interest to meet his goal? (5)
c) What equal year-end amount should Mash deposit in an account paying 9% interest from now till retirement to meet his goal?