How much can you withdraw each month from your account

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Reference no: EM131972583

You decided that it's time to start saving for your retirement. To do this, over the next 20 years you will invest $1,300 a month in a stock account and $1,000 a month in a bond account. The return of the stock account is expected to be 12 percent, and the bond account will pay 7 percent. When you retire, you will combine the accumulated money from both accounts into one account with a 10 percent return.

Required:

How much can you withdraw each month from your account assuming a 15-year withdrawal period? (Do not round your intermediate calculations.)

Reference no: EM131972583

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