1 Today, you are 20 years old with $2,000 of savings. You want to retire at the age of 55 with a monthly income of $5,000. You expect to live to 95. If you think you can earn 6%, compounded monthly, both before and after retirement, how much should you save each month for the next 35 years so that you can reach your retirement savings goal? 8 02:45:25 Multiple Choice Save $696 per month (0) Save $626 per month Save $814 per month Save $649 per month