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How much will you have when you retire

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Reference no: EM132983654

Question - You are about to begin saving for retirement by depositing $300 per month into an account that can earn an 8% return, compounded monthly.  Additionally, you expect to inherit $50,000 in 10 years, which you will also put into that same account.  You plan to retire in 40 years.  Once you retire, you will move the money into a safer account that will earn a 4% return, compounded monthly.

a. How much will you have when you retire?

b. If you expect to live for 30 years past retirement, how much can you withdraw each month during your retirement?

Reference no: EM132983654

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