Gansen plans to get married in 10 years time. Gansen wants to have RM160000 by that time. His parents promised to give him RM58000 as a wedding gift. Given that Gansen could invest his annual deposit in an investment account with 6% annual return, how much should he save every year?

Gansen plans to get married in 10 years time. Gansen wants to have RM160000 by that time. His parents promised to give him RM58000 as a wedding gift. Given that Gansen could invest his annual deposit in an investment account with 6% annual return, how much should he save every year?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Gansen plans to get married in 10 years time.
Gansen wants to have RM160000 by that
time. His parents promised to give him
RM58000 as a wedding gift. Given that
Gansen could invest his annual deposit in an
investment account with 6% annual return,
how much should he save every year?
Answer:XXXX

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