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How much should marie monthly payments

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Reference no: EM133001470

Problem - Marie, an employee at McCormick, has determined that she will need $5500 per month in retirement over a 30-year period. She has forecasted that her money will earn 7.2% compounded monthly. Marie will spend 25-years working toward this goal investing monthly at an annual rate of 7.2%. How much should Marie's monthly payments be during her working years in order to satisfy her retirement needs? Hint: Find how much Marie must have at retirement, then find the monthly payments to reach that goal. What maximum amount could Marie withdraw each month so that her balance never decreases (nearest dollar)?

Reference no: EM133001470

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