Monthly contribution to your retirement account

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Reference no: EM131530046

After a 42 year career, you hope to accumulate enough savings to be able to withdraw $7,000 per month for 28 years for living expenses during retirement. If you expect your investments to earn an 8.4% APR career and a 4.8% APR during your retirement, how much does your monthly contribution to your retirement account need to be during your career, assuming you start with $10,000 in savings and want to leave $500,000 to your heirs at the end of your life. Solve using a financial calculator (n, I/Y, PV, FV, PMT)

Reference no: EM131530046

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