Question
You are saving for your retirement 42 years from now. You want to have enough money accumulated to be able to withdraw $5,000 per month
You are saving for your retirement 42 years from now. You want to have enough money accumulated to be able to withdraw $5,000 per month (beginning one month after you retire) for the following 25 years. If you make monthly deposits (starting one month from today with the last deposit on the day you retire) into an account earning an 8.0% effective annual rate, how big must your monthly deposits be to reach your savings goal?
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Foundations Of Financial Management
Authors: Stanley Block, Geoffrey Hirt, Bartley Danielsen
18th Edition
126409762X, 9781264097623
