Monika is 30 years old and wants to retire in 20 years at the age of 50. She expects to earn 12% on her savings prior to retirement and 8% thereafter. Monika wants to be able to withdraw $18,000 every year at the beginning of each year for 30 years from the age of 50 to 80. The amount that she must deposit at the end of each year for the next 20 years is closest to:

a. $2,724

b. $3,037

c. $2,812

Answer rating: 100% (QA)

The detailed answer for the above question is provided below b 3037 Monika is 30 years old and wants ... View the full answer