The company you work for will deposit $150 at the end of each month into your retirement
Question:
The company you work for will deposit $150 at the end of each month into your retirement fund. Interest is compounded monthly. You plan to retire 25 years from now and estimate that you will need to withdraw $2,000 per month during retirement, which will last 30 years.
If the account pays 12% compounded monthly, how much do you need to put into the account each month, in addition to your company's deposit, in order to meet your retirement needs?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Related Book For
Fundamentals of Corporate Finance
ISBN: 978-1259024962
6th Canadian edition
Authors: Richard Brealey, Stewart Myers, Alan Marcus, Devashis Mitra, Elizabeth Maynes, William Lim
Question Posted: