Put all of your retirement funds

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Reference no: EM132006159

You are saving $200 per month towards retirement and expect to retire in 45 years. You also expect that you will be able to increase the amount you save each month to $500 per month in 10 years. You expect to earn a 7.5% rate of return on your retirement savings. Lastly, you also expect to inherit $150,000 in 15 years. This will be deposited into an account that earns 4% interest until you retire.

1) How much will you have when you retire?

2) If you plan to withdraw funds from your retirement account on a quarterly basis for 25 years and you put all of your retirement funds (when you retire) into an account that earns 3% interest, how much will you be able to withdraw each quarter?

Reference no: EM132006159

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