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

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 $5000 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

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