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How many years can mr webster expect to receive

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Question 1: Mrs. Jones is saving for her retirement. If she makes a payment of $1,500 at the end of each month for 20 years and earns a rate of 7% compounded 12 times per year, if Mrs. Jones makes her payment at the beginning of each month how much will she have in her retirement account when she is ready to retire?

Question 2: Mr. Webster is getting ready to retire. He has worked hard all of his life, and saved $500,000 in this retirement fund. Mr. Webster would like to withdraw $3,000 a month. He can expect a growth rate of 3% on his investment that has not been withdrawn. How many years can Mr. Webster expect to receive his $3,000 monthly payments until his retirement fund is 100% used?

Reference no: EM132941052

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