Question: 12) At age 30 you decide to start saving for retirement. You wish to retire at age 65, and you expect to need an income

12) At age 30 you decide to start saving for retirement. You wish to retire at age 65, and you expect to need an income of $2,500 per month for 25 years. If your savings earns an interest rate of 0.64% per month, compounded monthly, how much will you need to save per month in order to reach your retirement goal? (3 marks) [Note: you are saving from age 30 to 65, and in retirement you no longer make deposits but live only off of your savings, which still earns interest at the same rate]

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