1) You have $239,000 in an account today paying 2.2% interest. What are the monthly withdrawals you can make out of this account so that it lasts you exactly 19 years? Round to the nearest dollar.

2) In 34 years, you would like to have a retirement nest egg of $1.3 million. Assuming your savings earn 6.8%, how much should you save at the end of each year in order to reach your goal in 34 years? Round to the nearest whole dollar.

Answer rating: 100% (QA)

1 To determine the monthly withdrawals you can make from the account well use the formula for calcul... View the full answer