Question
Show work how to solve to get the answer. 1. I plan to retire in 25 years, and after I retire, I want to be
Show work how to solve to get the answer.
1. I plan to retire in 25 years, and after I retire, I want to be able withdraw $6000 per month for 35 years. My account earns a nominal rate of 6 percent, compounded monthly. How much do I need in my account when I retire? $1, 052,281.36
2. I plan to retire in 25 years, and when I retire, I want to be able withdraw $6000 per month for 35 years. My account earns a nominal rate of 6 percent, compounded monthly. How much must I save each month to meet my retirement objective?$1518.46
3. I plan to retire in 25 years, and when I retire, I want to be able withdraw $6000 per month for 35 years. My account earns a nominal rate of 6 percent, compounded monthly. How much must have I save each month to meet my retirement objective if I make my payments into my retirement account at the beginning of the month, rather than at the end? $1510.91
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Personal Finance
Authors: Thomas Garman, Raymond Forgue
12th edition
9781305176409, 1133595839, 1305176405, 978-1133595830
