Question 1 Upon retirement your mother received E 500, 000 lump sum. She expect to live for the next 15 years and will only depend on the retirement fund for income. Her bank offers 12% interest per annum. Advise your mother on how much she should withdraw from her bank at the end of each year for the duration of the desired life span? [10 marks]
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Upon retirement your mother received E 500, 000 lump sum. She expect to live for the ne...
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