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  3. given the following data: (assume monthly compound

Given the following data: (Assume monthly compounding or discounting) (Assume all payments are end of...

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Finance

Given the following data: (Assume monthly compounding or discounting)

(Assume all payments are end of the month payments)

Monthly

Retirement Income Needed $10,000/Month

Years until Retirement 30 (360 Months)

Years in Retirement 25 (300 Months)

Rate of Return before Retirement 9.00%

Rate of Return during Retirement 6.00%

(a)

Calculate the Savings Required at Retirement (use monthly compounding and/or discounting)

(b)

Calculate equal monthly Investment Required prior to retirement to accumulate the amount needed for retirement

(use monthly compounding and/or discounting)

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