You estimate you need to supplement your social security payments with monthly withdrawals of $3,420.00 per month from a private investment account during the first 24 years of your retirement. Assuming you can earn annual returns of 6.9% in your investment account during your retirement years, how much money do you need to have accumulated in your investment account by the day you retire in order to fund the aforementioned monthly withdrawals?

You estimate you need to supplement your social security payments with monthly withdrawals of $3,420.00 per month from a private investment account during the first 24 years of your retirement. Assuming you can earn annual returns of 6.9% in your investment account during your retirement years, how much money do you need to have accumulated in your investment account by the day you retire in order to fund the aforementioned monthly withdrawals?

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 44P

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