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Please, try not to use Excel or any Computer to solve this problem. Use formulas, math and written explanation to solve the problem. Make sure
Please, try not to use Excel or any Computer to solve this problem. Use formulas, math and written explanation to solve the problem. Make sure the answers are well written, clear, and easy to understand. Thanks.
You are planning to save for retirement over the next 35 years. To do this, you will invest $740 per month in a stock account and $340 per month in a bond account. The return of the stock account is expected to be 9.4 percent, and the bond account will earn 5.4 percent. When you retire, you will combine your money into an account with an annual return of 6.4 percent. Assume the returns are expressed as APRs. How much can you withdraw each month from your account assuming a 30-year withdrawal period? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Withdraw per month
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