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Money to retire and then make the withdrawals as planned

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TCS company has just started to deposit $225 at the end of each month into its employees retirement fund (i.e., the first deposit will take place one month from now). These deposits will continue for each employee until he retires. Samuel, an employee at TCS company, is planning to retire in 15 years. During the retirement phase of his life, Samuel would like to withdraw $5,100 per month (at the end of each month) from his retirement account for the following 25 years. If Samuel currently has $52,500 invested and can earn 4.8% APR with monthly compounding, on all money invested (including that from TCS), how much will he need to put into the account at the end of each month for the next 15 years in order to have enough money to retire and then make the withdrawals as planned? (FYI, the same interest rate applies across the entire 40-year)

Reference no: EM132125141

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