clearly show all of the steps used in solving this.use age 58 as the point at which you decide whether enough has been saved to provide for the retirement payments or not.By how much will he have either over saved or under saved?
victor and his financial adviser are checking weather victors saving plan will allow him yo achieve his retirement goals.victor wishes to retire in 30 years at the age 58.his plan is to use some of the funds in his rrsp at age 58 to purchase a 10 year annuity paying $5000 at the end of each month.then at age 68 he intends to use the balance of the funds in his RRSP to purchase a 20 year annuity paying at least $7000 at each months end.victor anticipates that he will be able to contribute $5000 to his RRSP a the beginning of each of the next 15 years and $10000 at the beginning of each of the subsequent 15 years.Can victor achieve the desired retirement income if the RRSP earns 8% compounded semiannually an the funds used to purchase the annuities earn 7.5% compounded monthly?
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