• You are planning for your retirement and have decided the following: you will retire in 35 years and would like to have $8,000 per month as retirement income for 30 years of retirement. You have access to an account that earns a 7% rate of return.
  • How much will you need to have when you retire to be able to withdraw the desired $8,000 per month during your years of retirement?

• If you plan to save by making equal monthly deposits into your account from now until when you retire, how much does that deposit need to be?