Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. 1. you are trying to determine how much you need i

1. You are trying to determine how much you need in order to retire comfortably....

90.2K

Verified Solution

Question

Accounting

1. You are trying to determine how much you need in order to retire comfortably. You would like a monthly retirement income of $20,000 and anticipate living for 30 years in retirement. The first retirement check will come at the end of your first month of retirement. You have already saved $40,000. You expect to earn 6% on your investments. You have 40 years until you retire. How much must you save at the end of each month between now and the day you retire, with your first savings deposit in one month, in order to fund your retirement?

a. $1,212.46

b. $1,454.96

c. $4,437.30

d. $1,745.95

e. $3,395.30

I know the answer is in bold, but i do not know how to get here with a BA ii plus

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students