Placing it into mutual fund retirement account

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Reference no: EM131066349

You graduated with an MS degree in engineering and have a great job. Next month you start an automatic draft from your paycheck of $1000 each month, placing it into a mutual fund retirement account. You plan to continue at this rate for 20 years then stop making deposits. Assume a return of 6% per year compounded monthly is a good expectation for all years. If you retire 10 years after the last deposit and the first retirement benefit is withdrawn at the end of the first month of year 31, the equivalent monthly worth of each retirement payment to you and your heirs forever is…

Reference no: EM131066349

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