You want to be able to withdraw $30,000 from your account each year for 20 years...

You want to be able to withdraw $30,000 from your account each year for 20 years after you retire. If you expect to retire in 30 years and your account earns 4.8% interest while saving for retirement and 4.7% interest while retired: Round your answers to the nearest cent as needed.

a) How much will you need to have when you retire? $

b) How much will you need to deposit each month until retirement to achieve your retirement goals? $

c) How much did you deposit into you retirement account? $

d) How much did you receive in payments during retirement? $ e) How much of the money you received was interest? $

Expert Solution

AMOUNT OF INSTALMENT (PMT) ROUNDED TO 2 DECIMALS.

jeff jeffy answered 1 year ago

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