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How much can you withdraw each month

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You are planning to save for retirement over the next 25 years. You will invest $790 per month in a stock account and $390 per month in a bond account. The return of the stock account is expected to be an APR of 9.9 percent, and the bond account will earn an APR of 5.9 percent. When you retire, you will combine your money into an account with an APR of 6.9 percent. All interest rates are compounded monthly.

How much can you withdraw each month from your account assuming a withdrawal period of 20 years? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)

Withdrawal $
per month

Reference no: EM132764393

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