Amortisation Formula (Leaving Cert Mathematics): Quizzes
📚Quizzes
Practise the questions
10 questions from this quiz
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Practise the questions
10 questions from this quiz
What is the primary purpose of a pension fund?
What is the primary purpose of a pension fund?
To grow savings for retirement income
What happens to the remaining pension fund balance after retirement begins?
What happens to the remaining pension fund balance after retirement begins?
It continues to earn interest
Why is the present value often less than the total of all withdrawals?
Why is the present value often less than the total of all withdrawals?
Remaining funds continue earning interest
What is an annuity in pension planning?
What is an annuity in pension planning?
Fixed withdrawals at regular intervals
How much does Jill want to receive at the beginning of each year?
How much does Jill want to receive at the beginning of each year?
€28,000
For how many years does Jill plan to receive payments?
For how many years does Jill plan to receive payments?
25 years
At what rate can Jill's money be invested?
At what rate can Jill's money be invested?
3.4%
When does Jill take out her first €28,000 payment?
When does Jill take out her first €28,000 payment?
On the day she retires
In the geometric series for Jill's pension, what is the common ratio ?
In the geometric series for Jill's pension, what is the common ratio ?
How much does Jill need in her pension fund at retirement?
How much does Jill need in her pension fund at retirement?
€482,393.60