A young engineer wants to retire at 60.  They want to have $50,000 a year to augment social security.  They want this to last 20 years.  If they invest their money starting at age 20 at 4% annual interest, how much must they save per month to accomplish their retirement goal?

EBK CONTEMPORARY FINANCIAL MANAGEMENT
14th Edition
ISBN:9781337514835
Author:MOYER
Publisher:MOYER
Chapter5: The Time Value Of Money
Section: Chapter Questions
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A young engineer wants to retire at 60.  They want to have $50,000 a year to augment social security.  They want this to last 20 years.  If they invest their money starting at age 20 at 4% annual interest, how much must they save per month to accomplish their retirement goal? 

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