Planning to retire-future general inflation rate

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A man is planning to retire in 20 years. Money can be deposited at 6% interest compounded monthly, and it is also estimated that the future general inflation rate will be 4% compounded annually. What amount of end-of month deposit must be made each month until the man retires so that he can make annual with drawls of $60,000 in terms of today's dollars over the 15 years following his retirement? (Assume that his first withdrawal occurs at the end of the first six months after his retirement.)

Reference no: EM13886970

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