You just turned 25 years old and want to retire when you turn 63. You expect to live for 25 years after retirement and expect to withdraw $7,800 per month during retirement, starting first withdrawal one month after your 63^th birthday.

Your retirement account quotes a return of 7% annually.

Attempt 1/3 for 10 pts.

Part 1

How much retirement money do you need to have by 63th birthday to support the withdrawal?