At age 22, Aruam Sdlonyer receives a $4000 IRA from her parents. At age 30, she decides that at age 67 she'd like to have a retirement fund that would pay $20,000 at the end of each month for 20 years. Suppose all investments earn 8.4%, compounded monthly. How much does Aruam need to deposit at the end of each month from ages 30 to 67 to realize her goal?
Problems are complex financial problems that require skills from several sections.