Question: 37) You are 28 and have decided you need to start saving for retirement in your 401(k) by depositing $1,000 per month. You are splitting

 37) You are 28 and have decided you need to start

37) You are 28 and have decided you need to start saving for retirement in your 401(k) by depositing $1,000 per month. You are splitting your money between 3 investment options: 60% in Fund Aggressive which is expected to earn 11% annually and 20% in Fund Moderate which is expected to earn 6% annually and 20% in Fund Conservative which is expected to earn 3% annually. Once you retire at 65 and want to be sure that your spending lasts for 30 years. How much can you spend per month in retirement. Assume a 7% interest rate in retirement. (8pt)

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