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Today is your 25th birthday (Happy Bday!). You plan on retiring 35 years from today. Every month you work, starting today, you wish to put
Today is your 25th birthday (Happy Bday!). You plan on retiring 35 years from today. Every month you work, starting today, you wish to put an equal amount of money into a savings account with your last deposit on the day you retire. After you retire, you will need to withdraw 10,000 a month with your last withdrawal on your 80th birthday (first withdrawal is one month after you retire). Also when you turn 80, you plan on giving $100,000 to your grandchildren. If the annual rate of interest is 9% (compounded monthly), how much do you need to deposit each month into your savings account? NOTE: ROUND ANSWER TO THE NEAREST 10. If answer equals $1,356.32, enter 1360 as your
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