Question: john has just started working his first job as an engineer and is trying to figure out how much to save each month for his

john has just started working his first job as an engineer and is trying to figure out how much to save each month for his retirement. Today is his 30th birthday, and he expects to retire on his 60th birthday. He expects to live until he is 90 years old. Once he is retired, he would like to withdraw $7000 per month from his retirement savings. How much money does he need to deposit per month while he is working in order to have sufficient funds for his retirement? Assume John can earn a 6% interest rate, compounded monthly throughout this period. Round your final answer to the nearest whole number (integer). Round interim calculations to 4 decimal points. Do not include any dollar signs, percentage % signs, commas, decimal places and/or spaces in your answer. Your answer should only include numbers. For example, if the correct answer is 1021, you should enter 1021 as your answer. If you enter $1021 or 1,021 or $1,021 or 1 021 or $1021.00, your answer will be marked wrong. For negative numbers, use a negative sign before the number e.g. -1021. Do not use brackets for negative numbers and do not leave a

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!