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How much should maries monthly payments be

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Reference no: EM132519748

Marie, an employee at McCormick, has determined that she will need $5000 per month in retirement over a 30-year period. She has forecasted that her money will earn 7.2% compounded monthly. Marie will spend 25-years working toward this goal investing monthly at an annual rate of 7.2%.

Question 1: How much should Marie's monthly payments be during her working years in order to satisfy her retirement needs? Hint: Find how much Marie must have at retirement, then find the monthly payments to reach that goal.

Question 2: What maximum amount could Marie withdraw each month so that her balance never decreases (nearest dollar)

Reference no: EM132519748

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