You are planning to save for retirement over the next 30 years.To do this, you will invest $830 per month in a stock account and$430 per month in a bond account. The return of the stock accountis expected to be an APR of 10.3 percent, and the bond account willearn an APR of 6.3 percent. When you retire, you will combine yourmoney into an account with an APR of 7.3 percent. All interestrates are compounded monthly.
How much can you withdraw each month from your account assuming awithdrawal period of 25 years? (Do not round intermediatecalculations and round your answer to 2 decimal places, e.g.,32.16.)
Withdrawal $per month
You are planning to save for retirement over the next 30 years.To do this, you will invest $830 per month in a stock account and$430 per month in a bond account. The return of the stock accountis expected to be an APR of 10.3 percent, and the bond account willearn an APR of 6.3 percent. When you retire, you will combine yourmoney into an account with an APR of 7.3 percent. All interestrates are compounded monthly.
How much can you withdraw each month from your account assuming awithdrawal period of 25 years? (Do not round intermediatecalculations and round your answer to 2 decimal places, e.g.,32.16.)
Withdrawal $per month
Related questions
You are planning to save for retirement over the next 20 years.To do this, you will invest $1,000 a month in a stock account and$700 a month in a bond account. The return of the stock account isexpected to be 11 percent, and the bond account will pay 7 percent.When you retire, you will combine your money into an account with a10 percent return. |
Required:
How much can you withdraw each month from your account assuminga 20-year withdrawal period?(Do not round your intermediatecalculations.) |
