Question
In retirement you wish to withdraw $3,000 at the end of each month from your savings. If you want to have enough to last for
In retirement you wish to withdraw $3,000 at the end of each month from your savings. If you want to have enough to last for 25 years, and you expect to earn 4% on you savings, how much do you need to have saved at the beginning of retirement (rounded to the nearest dollar)?
Show work please
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Financial management theory and practice
Authors: Eugene F. Brigham and Michael C. Ehrhardt
12th Edition
978-0030243998, 30243998, 324422695, 978-0324422696
