How much should be monthly investment in a fund

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Question: Your friend wants to prepare for his retirement. He does not want to rely on his children for his retirement expenses which he projects to be P30,000 per month starting at age 50. He assumes that he will live to a maximum age of 70. He just turned 25 now. Since he is still earning, he plans to put a fixed amount annually until he retires (age 50) to create a fund that will provide him with monthly allowance in his retirement, How much should be the value of his investment at age 50? How much should be his monthly investment in a fund that earns a 9 percentage nominal annual rate, compounded monthly?

Reference no: EM131977238

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