AAFM GLO_CWM_LVL_1 Question Answer
Mr. Sushil, is 35 years old and working as a physician in a private hospital. He will retire at the age of 60. He is saving Rs. 30,000/- p.a. at the end of every year for past 5 years and will continue to save the same up to his retirement @ 7% p.a. His annual expenditure is Rs. 3,00,000/-. Life expectancy of Mr. Sushil is 75 years. On retirement, rate of interest is expected to be 6%. Calculate on retirement how much he can spend per annum if he leaves Rs. 5,00,000/- as estate for next generation?
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