BUSINESS ADMINISTRATION
FINANCIAL MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Ms. Chan is 45 years old and she always wishes to retire as a millionaire by the age of 55. Recently, Ms. Chan receives RM500 000 from her father’s will. Suppose she invests the money in an investment account that can earn 8% interest per annum. Will Ms. Chan be able to achieve her retirement goal?
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Yes, Ms. Chan will be able to achieve her retirement goal. In fact, it will only take her 9 years to retire as a millionaire at the age of 54 with this amount of investment.
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Yes, Ms. Chan will be able to achieve her retirement goal.Howeever, she needs to invest half of the amount, RM250 000, in an investment account that yields a higher return of at least 10% to have a million ringgit in ten years.
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No, Ms. Chan will not be able to achieve her retirement goal. She needs to continue working for another 5 years to be able to have a million in her financial profile.
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Explanation:
There is 1 question to complete.