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How much money will need to have when retire to purchase

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Reference no: EM132487548

Question 1: Being uncertain of how long you will live, upon retirement you wish to establish a perpetual income stream of $2500 per month. Assume, that the annual interest rate is 6%, compounded monthly and that you will receive the cash flow at the end of each month. How much money will you need to have when you retire to purchase this cash flows?

Option a) $ 486,398.58

Option b) given the information, it cannot be determined.

Option c) $ 500,000.00

Option d) $ 41,666.67

Reference no: EM132487548

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