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 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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