Retirement planning-withdrawal

Reference no: EM13700251

A man is planning to retire in 20 years. Money can be deposited at 8%, compounded monthly. It is estimated that the future general inflation rate will be 3% compounded annually. What deposit must be made each month until the man retires so that he can make annual withdrawals of $20000 in terms of actual dollars over the 15 years following his retirement?

(Assume that his first withdrawal occurs at the end of the first year after his retirement)

Reference no: EM13700251

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