You expect to retire in 25 years. After you retire, you want to be able to withdraw $3000 dollars from your account each month for 30 years. If your account earns 10% interest compounded monthly, how much will you need to deposit each month until retirement to achieve your retirement goals?

You expect to retire in 25 years. After you retire, you want to be able to withdraw $3000 dollars from your account each month for 30 years. If your account earns 10% interest compounded monthly, how much will you need to deposit each month until retirement to achieve your retirement goals?

Corporate Fin Focused Approach

5th Edition

ISBN:9781285660516

Author:EHRHARDT

Publisher:EHRHARDT

Chapter4: Time Value Of Money

Section: Chapter Questions

Problem 34P

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You expect to retire in 25 years. After you retire, you want to be able to withdraw $3000 dollars from your account each month for 30 years.

If your account earns 10% interest compounded monthly, how much will you need to deposit each month until retirement to achieve your retirement goals?

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