Question: Suppose that you are 3 2 years old now, and that you would like to retire at the age of 6 8 . Furthermore, you

Suppose that you are

32

years old now, and that you would like to retire at the age of

68 .

Furthermore, you would like to have a retirement fund from which you can draw an income of $

68, 000

annually. You plan to reach this goal by making monthly deposits into an investment plan until you retire. How much do you need to deposit each month? Assume an APR of

7 %

compounded monthly, both as you pay into the retirement fund and when you collect from it later.

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