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John is planning his retirement which will occur in the future. During retirement, he wishes...

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Accounting

John is planning his retirement which will occur in the future. During retirement, he wishes to withdraw $12,000 per month from his portfolio for the first 10 years and $20,000 per month for the second 10 years. (He plans to withdraw from this investment for a total of 20 years.) In addition, John want to leave $1,000,000 to his heirs at the end of the retirement period. John plans to earn 4 percent compounded monthly during retirement.
John plans to save $300 per month in an asset that earns 13 percent compounded monthly. How many years must he save to fully fund his retirement and inheritance? (Assume monthly compounding.)
Beginning Amount =0
Savings amount = $300 per month
Rate during Savings (APR)=13.00% annual
Monthly Compounding (M)=12
Length of retirement period =20 years
First Withdrawal Period Length =10 years
Second Withdrawal Period Length =10 years
Rate during Retirement =4%
Withdrawal amount 1st period = $12,000 per month
Withdrawal amount 2nd period = $20,000 per month
Inheritance = $1,000,000
Monthly compounding (M)=12
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