Today, you are 47 years old with $300,000 of savings. You want to retire at the age of 57 with a monthly income of $6,000. You expect to live to 97. If you think you can earn 5%, compounded monthly, both before and after retirement, how much should you save each month for the next 10 years so that you can reach your retirement savings goal?

Multiple Choice

• Save $3,691 per month

• Save $4,831 per month

• Save $5,871 per month

• Save $5,481 per month