You are planning to save for retirement over the next 20 years. To do this,...
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Accounting
You are planning to save for retirement over the next 20 years. To do this, you will invest $900 a month in a stock account and $600 a month in a bond account. The return of the stock account is expected to be 9 percent, and the bond account will pay 5 percent. When you retire, you will combine your money into an account with a return of 7 percent.
How much can you withdraw each month from your account assuming a 20-year withdrawal period?
Multiple Choice
a)$78,868.22
b)$6,572.35
c)$373,037.17
d)$6,440.9
e)$6,703.8
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