You are planning to save for retirement over the next 35 years. To do this, you will invest $710 per month in a stock account and $310 per month in a bond account. The return of the stock account is expected to be 9.1 percent, and the bond account will pay 5.1 percent. When you retire, you will combine your money into an account with a 6.1 percent return. How much can you withdraw each month from your account assuming a 30-year withdrawal period?
You are planning to save for retirement over the next 35 years. To do this, you will invest $710 per month in a stock account and $310 per month in a bond account. The return of the stock account is expected to be 9.1 percent, and the bond account will pay 5.1 percent. When you retire, you will combine your money into an account with a 6.1 percent return. How much can you withdraw each month from your account assuming a 30-year withdrawal period?
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.) |
