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Suppose you are 35 years old, and plan to retire in 30 years. You want...

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Finance

Suppose you are 35 years old, and plan to retire in 30 years. You want to receive $6,500 per month in retirement and the first withdraw will be made when you turn 65. If you can earn 8% APR and you expect to need the income for 20 years. To accumulate the retirement money you need when you turn 65, you plan to make the same deposit every month starting today (t=0) and the last monthly deposit will be made just one month before you turn 65. What should your monthly deposit be to accumulate the needed money for your retirement?
$367.14
$521.42
$565.08
Answer can not be found.
$524.90
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