Justin is planning on retirement investment, if invested at 6 percent per year (6%p.a. is APR,...

Justin is planning on retirement investment, if invested at 6 percent per year (6%p.a. is APR, interest compounded monthly), he wish to have $3,500 of monthly income for 30 years. To date, he has saved $100,000, but he still has 20 years until he retires.
He would need to have in 20 years time to yield the $3,500 monthly payments for an additional 30 years. Calculate how much shall be accumulated at the time of retirement to meet his needs.
(Provide your answer up to 2 decimal places, give your answer in a positive number)

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jeff jeffy answered 2 years ago

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