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You want to start saving money for your future retirement. You will be saving up some money over the next 25 years. Here is what
You want to start saving money for your future retirement. You will be saving up some money over the next 25 years. Here is what you've decided to do: First, you will put $820 each month into a stock account. Second, you will put $420 each month into a bond account. The annual rates of return for the two accounts are expected to be 10.2 percent, and 6.2 percent, respectively. When you retire, you will then combine how much you have by that time in both stock and bond accounts and put all of that Into a bank checking account which offers an APR of 7.2 percent. Once you've retired with a lot of money in your checking account, how much will you be able to withdraw each month to cover your living expenses? Assume that you will be withdrawing for a total of 20 years. (Do not round Intermediate calculations and round your final answer to 2 decimal places, e.g., 32.16.)
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