What deposit must be made each month

Reference no: EM13183057

A Man is planning to retire in 20 years. He can deposit money for his retirement at 6% compounded monthly. It is estimated that the future general inflation rate will be 5% compounded annually. What deposit must be made each month until the man retires so that he can make annual withdraws of $40,000 in terms of today's dollars over the next 15 years following his retirement?

Reference no: EM13183057

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