Save each month to realise his retirement dreams

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Kim Yee is 30 years of age and he visits his financial planner. He tells his financial planner that he would like to have $10,000 per month in his retirement. (He retires at age 60 and is expected to live till 100). When he is 45, he will receive $200 000 from his grandmother and will invest in retirement account. How much should Kim Yee save each month to realise his “retirement dreams”? Interest rate is assumed at 6% compounded monthly.

If interest rate increased to 8% would Kim Yee have to save more? Explain

Reference no: EM13988009

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Save each month to realise his retirement dreams : Kim Yee is 30 years of age and he visits his financial planner. He tells his financial planner that he would like to have $10,000 per month in his retirement. (He retires at age 60 and is expected to live till 100). When he is 45, he will receive $20..

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