You are planning for your retirement and have decided the following: you will retire in 35...

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You are planning for your retirement and have decided thefollowing: you will retire in 35 years and will make monthlydeposits into your retirement account of $400 for the next 15 yearsand then monthly deposits of $800 for the remaining 20 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 35 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 3% return, compounded monthly?$7,497.24 $11,139.82 $9,300.50 $8,979.94

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897994 is the answerFuture value of 400 depositsdeposited for 35 See Answer

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You are planning for your retirement and have decided thefollowing: you will retire in 35 years and will make monthlydeposits into your retirement account of $400 for the next 15 yearsand then monthly deposits of $800 for the remaining 20 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 35 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 3% return, compounded monthly?$7,497.24 $11,139.82 $9,300.50 $8,979.94