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How much should contribute each month to retirement

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Problem 1: When you retire, you would like to have a monthly pension of $8,000 per month for 30 years. Assume you have just had your 25 birthday and you intend to contribute monthly to your retirement fund until you are 60. The month after that you will start taking your pension. Your investment advisor has found a guaranteed investment for your fund that will yield 8% per year, compounded quarterly for the duration of your pension needs. How much should you contribute each month to your retirement fund, assuming your contributions start one month after your 25& birthday?

Reference no: EM132916690

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