Draw the cash flow diagram for the monthly deposits

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Reference no: EM131242521

Mary is 26 years old now. Mary wanted to have $2000000 when she retires at age 65 by depositing money every month in a bank at a nominal interest rate of 7%

a) Draw the Cash flow diagram for the monthly deposits from the banks viewpoint.

b) How much money should Mary deposit in the bank each month in order to achieve her retirement goal ?

c) If Mary lives to be 90 years old how much money can Mary withdraw each year from her retirement account?

Reference no: EM131242521

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