How much of the money you received was interest

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Reference no: EM132057389

You want to be able to withdraw $40,000 from your account each year for 30 years after you retire. If you expect to retire in 25 years and your account earns 6.9% interest while saving for retirement and 5% 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?

Reference no: EM132057389

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