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Calculate the separate bond account

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You are planning to save for retirement over the next 31 years. To do this, you will invest $620 per month in a stock account and $413 per month in a separate bond account. The return of the stock account is expected to be 12%, and the bond account will pay 6%. When you retire, you will combine your money into an account with an expected 9% return.

How much can you withdraw each month in retirement from your account assuming a 20-year withdrawal period? (Round answer to 2 decimal places. Do not round intermediate calculations).

Reference no: EM133120052

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