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The company you work for will deposit $400 at the end of each month into your retirement fund. Interest is compounded monthly. You plan to
The company you work for will deposit $400 at the end of each month into your retirement fund. Interest is compounded monthly. You plan to retire 15 years from now and estimate that you will need $2,000 per month out of the account for the next 10 years following your retirement. If the account pays 5.25% compounded monthly, how much (in addition to your company deposit) do you need to put into the account on monthly basis in order to meet your objective? ** please show financial calculator inputs (ie: N, I/Y, PV, PMT, FV)
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