Marcia Kincaid has just begun working for a company that offers a pension plan. This plan guarantees 5.4% per year compounded monthly. She wants to retire in 35 years and then collect $5400 per month for 20 years. How much must she and her company together deposit in the account at the end of each month?

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Employer Pension Plan

An employer pension plan is a retirement benefit provided by an employer to employees before or after they retire. Over the course of the employees' working lives, the employer should invest a lump sum or make monthly contributions to investment schemes in employees' names. It is the employer's legal responsibility to provide employees with retirement plans that support them with guaranteed financial security in retirement.