Daryl wishes to save money to provide for his retirement. Beginning one month from now, he...

Daryl wishes to save money to provide for his retirement. Beginning one month from now, he will begin depositing a fixed amount into a retirement savings account that will earn 12% compounded monthly. He will make 360 such deposits. Then, one year after making his final deposit, he will withdraw $100,000 annually for 25 years. The fund will continue to earn 12% compounded monthly. How much should the monthly deposits be for his retirement plan?

A) 189.58

B) 199.58

C) 214.21

D) 234.89

E) 249.38

Expert Solution

As nothing was mentioned excel is used. If you need with “financial formula”, let me know, will do that also. Thank you

ANSWER : C: 214.21

jeff jeffy answered 1 month ago

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