You just started a career as a lion tamer in the circus and have decided that...

You just started a career as a lion tamer in the circus and have decided that you would like to retire at age 55, before your reflexes slow down too much. You just turned 25. During retirement, which you believe will last 20 years, you would like to have $5000 per month to spend, with payments received at the beginning of each month. you have estimated that you can earn 11% during both retirement and during your investment years. How much must you invest each month during your working years in order to have the retirement you desire?

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Expert Solution

Please refer to below spreadsheet for calculation and answer. Cell reference also provided.

Cell reference -

Hope this will help, please do comment if you need any further explanation. Your feedback would be appreciated.

jeff jeffy answered 3 weeks ago

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