How much should you deposit at the end of each month into an investment account that pays 9% compounded monthly to have $5 million when you retire in 39 years? b) How much of that $5 million comes from interest? c) If you anticipate living for 28 years on your retirement savings, How much will you be able to withdraw each month if the account continues to pay 9% compounded monthly?
How much should you deposit at the end of each month into an investment account that pays 9% compounded monthly to have $5 million when you retire in 39 years? b) How much of that $5 million comes from interest? c) If you anticipate living for 28 years on your retirement savings, How much will you be able to withdraw each month if the account continues to pay 9% compounded monthly?
Chapter4: Time Value Of Money
Section: Chapter Questions
Problem 11PROB
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a) How much should you deposit at the end of each month into an investment account that pays 9% compounded monthly to have $5 million when you retire in 39 years?
b) How much of that $5 million comes from interest?
c) If you anticipate living for 28 years on your retirement savings, How much will you be able to withdraw each month if the account continues to pay 9% compounded monthly?
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