About the planning to save for retirement

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Reference no: EM131308008

You are planning to save for retirement over the next 30 years. To do this, you will invest $800 a month in a stock account and $400 a month in a bond account. The return of the stock account is expected to be 10 percent, and the bond account will pay 6 percent. When you retire, you will combine your money into an account with a 9 percent return. How much can you withdraw each month from your account assuming a 25-year withdrawal period? Assume that the APR is compounded monthly. (Do not round intermediate calculations. Round the final answer to 2 decimal places.)

Reference no: EM131308008

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