Question
I am planning for my retirement, and at the beginning of this year and each of the next 39 years, I'm going to contribute some
I am planning for my retirement, and at the beginning of this year and each of the next 39 years,
I'm going to contribute some money to my retirement fund. Each year, I plan to increase my retire-
ment contribution by $500. When I retire in 40 years, I plan to withdraw (at the beginning of each
year) $100,000 per year for 20 years. I've made the following assumptions about the yields for my
retirement investment portfolio:
During the first 20 years of my investing, the investments will earn 10 percent per year.
During all other years, my investments will earn 5 percent per year.
I am borrowing $15,000 to buy a new car. I am going to make 60 end-of-month payments.
The annual interest rate on the loan is 10 percent. The car dealer is a friend of mine, and he
will allow me to make the monthly payment for Months 1 through 30 equal to one-half the
payment for Months 31 through 60. What is the payment during each month?
**i need this solution in excel
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