You are planning for your retirement and have decided the following: you will retire in 40...

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Finance

You are planning for your retirement and have decided thefollowing: you will retire in 40 years and will make monthlydeposits into your retirement account of $300 for the next 15 yearsand then monthly deposits of $750 for the remaining 25 years untilretirement. This account earns a 7% rate of return, compoundedmonthly. In addition, you will inherit $50,000 7 years from today.The inheritance will be deposited into an account that will earn10% per year until year 20 and then 15% per year after that(compounded annually). You expect to live 30 years past retirementand wish to make equal monthly withdrawals from your account. Howmuch will you be able to withdraw each month if the account thatholds your retirement money makes a 4% return, compoundedmonthly?
$13,256.88
$18,987.11
$9,300.50
$11,244.87

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You are planning for your retirement and have decided thefollowing: you will retire in 40 years and will make monthlydeposits into your retirement account of $300 for the next 15 yearsand then monthly deposits of $750 for the remaining 25 years untilretirement. This account earns a 7% rate of return, compoundedmonthly. In addition, you will inherit $50,000 7 years from today.The inheritance will be deposited into an account that will earn10% per year until year 20 and then 15% per year after that(compounded annually). You expect to live 30 years past retirementand wish to make equal monthly withdrawals from your account. Howmuch will you be able to withdraw each month if the account thatholds your retirement money makes a 4% return, compoundedmonthly?$13,256.88$18,987.11$9,300.50$11,244.87