Question: + 65 66 67 PROBLEM 2 68 69 Given the following data: (Assume monthly compounding or discounting) 70 (Assume all payments are end of the

+ 65 66 67 PROBLEM 2 68 69 Given the following data: (Assume monthly compounding or discounting) 70 (Assume all payments are end of the month payments) 71 72 73 74 75 76 77 Monthly Retirement Income Needed 78 Years until Retirement 79 Years in Retirement 80 Rate of Return before Retirement 81 Rate of Return during Retirement 82 83 (a) Calculate the total Savings Required at Retirement 84 85 86 (b) Calculate equal monthly Investment (Payment) Required prior to retirement to accumulate the amount needed for retirement 87 88 89 90 91 $12,000 35 25 8.50% 5.50%

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