Fran wishes to prepare for her retirement in 15 years’ time. Currently she has a house which she estimates will be
worth $1,000,000 in 15 years. She anticipates being able to deposit $40,000 at the end of each year until retirement. When she retires, she plans to downsize to a unit worth $800,000. Assume an interest rate of 4% pa and ignore tax in your calculations.
Show how much Fran can expect to live on per year (assuming end-of-year withdrawals) after she retires and if she wishes to maintain her capital to pass on to her heirs.
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