You are planning to save for retirement over the next 20 years. To do this, you will invest $1,300 a month in a stock account and $1,000 a month in a bond account. The return of the stock account is expected to be 8 percent, and the bond account will pay 4 percent. When you retire, you will combine your money into an account with a return of 6 percent.

How much can you withdraw each month from your account assuming a 15-year withdrawal period?

Multiple Choice

• $9,747.82

• $481,777.5

• $9,556.69

• $114,680.26

• $9,365.55