You decided to start planning for your retirement and setting aside part of your paycheck...
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You decided to start planning for your retirement and setting aside part of your paycheck on a regular basis over the next 35 years. You decided to take a more diversified approach. Part of your monthly paycheck, $810, will be invested into a stocks portfolio. Another part of your monthly paycheck, $410, will be invested into a bonds portfolio. The expected rate of return is 10.1 percent for stocks and 6.1 percent for bonds. After doing that for 35 years, you will then pool together the money from both your stock and your bond accounts and deposit it all into a new checking account at a 71 percent APR. Once you retire in 35 years with that much money in your checking account, you then plan to withdraw money from it once a month for a total of 30 years. How much would you be able to withdraw each month? (Do not round intermediate calculations and round your final answer to 2 decimal places, e.g., 123.45) Withdraw $ 22.468 11 per month
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