Assume Raymond is 25 years old now, and will retire at the age of 60. He wants to plan the following: a) RM100,000 for his son to go to college 25…Assume Raymond is 25 years old now, and will retire

Assume Raymond is 25 years old now, and will retire at the age of 60. He wants to plan the following: a) RM100,000 for his son to go to college 25…

Assume Raymond is 25 years old now, and will retire at the age of 60. He wants to plan the following:

a) RM100,000 for his son to go to college 25 years from now.

b) RM 90,000 for his daughter’s marriage which he thinks will be 15 years from now

c) He shall go on world tour two years after his retirement, and he has calculated a cost of RM RM200,000 for this.

d) He will need RM 10,000 each month after his retirement for the next 20 years. 

Find how much shall he have to save and invest monthly to meet all of the above expenditures if wants to save from today till his retirement. Assume a rate of return of 6% throughout the whole period.

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