You just turned 25 and are planning for your retirement. You hope to retire at the age of 60, and would like to be able to make end-of-month withdrawals from your retirement account of $2,500 per month for a 30-year period after that. If you plan on funding your retirement by making monthly deposits between now and when you retire, with the first monthly deposit occurring at the end of the coming month, 

how much must each deposit be if you can earn one (1) percent per month in your retirement account? (Ignore taxes.) Show your computations.

Answer rating: 100% (QA)

To determine the amount of the monthly deposits needed to fund the desired retirement we can use the ... View the full answer