Planning to save for retirement

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Reference no: EM13874702

You are planning to save for retirement over the next 15 years. To do this, you will invest $1,000 a month in a stock account and $700 a month in a bond account. The return of the stock account is expected to be 12 percent, and the bond account will pay 7 percent. When you retire, you will combine your money into an account with a 9 percent return. Assuming a 20-year withdrawal period, how much you can withdraw each month from your account?

Reference no: EM13874702

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