How much would you have to deposit per month

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Reference no: EM13257431

You are currently 25 years old and you have decided you want to be able to withdraw $7000 per month (at the beginning of each month) for 25 years when you expect to retire in 35 years at age 60. (From 60-85 you expect to earn 4% April in your retirement account). You have nothing saved now and forecast your retirement account to earn an Apr of 9% for the first 10 years and 7% for the last 25 years while you are making the deposits. You plan to deposit$300 per month (at the end of each month) in the account for the first 10 years. How much would you have to deposit per month (at the end of each month) for the last 25 years to reach your goal?

Reference no: EM13257431

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