Intro

You just turned 21 years old and want to retire when you turn 62. You expect to live for 25 years after retirement and expect to withdraw $8,700 per month during retirement, starting first withdrawal one month after your 62^th birthday.

Your retirement account quotes a return of 6% annually.

Part 1

How much retirement money do you need to have by 62th birthday to support the withdrawal?

Part 2

How much should you save each month if you make the first deposit one month after 21th birthday and the last one on 62th birthday?