Question
You want to be able to withdraw $35,000 from your account each year for 15 years after you retire. If you expect to retire in
You want to be able to withdraw $35,000 from your account each year for 15 years after you retire. If you expect to retire in 25 years and your account earns 5.6% interest while saving for retirement and 4.2% interest while retired: Round your answers to the nearest cent as needed.
a) How much will you need to have when you retire? $ b) How much will you need to deposit each month until retirement to achieve your retirement goals? $ c) How much did you deposit into you retirement account? $ d) How much did you receive in payments during retirement? $ e) How much of the money you received was interest? $
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