Problem 6-5

You are planning to save for retirement over the next 15 years. To do this, you will invest $700 a month in a stock account and $400 a month in a bond account. The return of the stock account is expected to be 9 percent, and the bond account will pay 5 percent. When you retire, you will combine your money into an account with a return of 7 percent. How much can you withdraw each month from your account assuming a 20-year withdrawal period? Multiple Choice $188,275.77 O $34,590.7 $2,940.21 0 $2,824.91 $2,882.56