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Is this correct? If not, what is correct answer? Question 6 8 pts You want to come up with a plan to save for retirement.
Is this correct? If not, what is correct answer?
Question 6 8 pts You want to come up with a plan to save for retirement. You will contribute to your retirement account monthly for 40 years. One month after your last contribution you will begin monthly withdrawals of $7,500 from that retirement account. You earn 6.6% APR while you're contributing to your retirement savings and 3.6% APR while you are withdrawing. You want to have enough money to finance 35 years in retirement. (Assume compounding frequencies match the payment frequencies.) What is the value of the retirement withdrawals at the beginning of retirement? Carry at least four significant digits throughout your analysis and round your response to four significant digits. Do not include a dollar sign. 1,814,703.6 Question 9 8 pts You want to come up with a plan to save for retirement. You will contribute to your retirement account monthly for 40 years. One month after your last contribution you will begin monthly withdrawals of $7,500 from that retirement account. You earn 6.6% APR while you're contributing to your retirement savings and 3.6% APR while you are withdrawing. You want to have enough money to finance 35 years in retirement. (Assume compounding frequencies match the payment frequencies.) What is the monthly savings contribution you must make to fully fund your retirement? Carry at least four significant digits throughout your analysis and round your response to four significant digits. Do not include a dollar sign. 772.98Step by Step Solution
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