An individual is saving for retirement

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An individual is saving for retirement. He has $100,000 right now and is trying to have $1.5 million in 25 years. If he can earn 5%, how much must be invest each month in order to reach his goal? At retirement the investor decides to withdraw $8000 every month from the $1.5 million, if he can earn 4% on his money, how long will it last? How much will he have in the account after 200 months?

Reference no: EM13807963

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