Question

The amount of money that sue had in her pension fund at the end of 2016 was £63000. Her plans involve putting £412 per month for 18 years. How much does sue have in 2034

Answer 1

Sue will have £152,088 in her pension fund in 2034.

Explanation:

Sue will contribute over the 18-year period. She plans to put £412 per month for 18 years, which amounts to:

£412/month * 12 months/year * 18 years = £89,088

Sue will contribute a total of £89,088 over the 18-year period.

let's add this contribution amount to the initial amount Sue had in her pension fund at the end of 2016, which was £63,000:

£63,000 + £89,088 = £152,088

Answer 2

Sue has £63000 at the end of 2016, and she plans to put £412 per month for 18 years. First, we calculate the total amount of money Sue will put into her pension fund:

Total amount = £412/month x 12 months/year x 18 years = £89,088

Now, we can calculate the total amount of money Sue will have in her pension fund in 2034 by adding the total amount of money she puts in to the initial amount:

Total amount = £63000 + £89,088 = £151,088

Therefore, Sue will have £151,088 in her pension fund in 2034.