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With the rise in standard of living in Singapore over the past few decades, the cost of living has risen too. We have the CPF to help us save up for retirement, but if it’s not enough, we can consider other savings plans too.
Wenjie is 30 and wants to put a sum of money into a savings plan for his retirement. He wants to be able to withdraw $100,000 from his savings when he retires at 65. The savings plan pays an interest rate of 3%, compounded monthly. How much does he need to deposit into the account?