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Elias invests \(\dollar 500\,000\) in a savings account which pays \(4.2\pourcent\) p.a. interest compounded semi-annually.
How much money will be in the account when he retires in 8 years' time?
When he retires, Elias rolls the total amount into an annuity fund which pays \(5.1\pourcent\) p.a. interest compounded monthly. Elias would like the money to last for 20 years.
How much can Elias withdraw each month?
How long will it take for the balance of the fund to fall to \(\dollar 200\,000\)? Give your answer in years and months.
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