For your retirement, you want to live on 19,000 per month while you are retired. Interest rates after retirement will be 7.5% APR compounded monthly. When you retire, you will spend 300,000 for a trip around the world. You plan to live 30 years after retirement, and leave 1 million for your kids. You have $3,000 to invest today, and 40 years to save up for this retirement. At a 11% APR compounded monthly, how much do you need to put in each month to accomplish your goals?
For your retirement, you want to live on 19,000 per month while you are retired. Interest rates after retirement will be 7.5% APR compounded monthly. When you retire, you will spend 300,000 for a trip around the world. You plan to live 30 years after retirement, and leave 1 million for your kids. You have $3,000 to invest today, and 40 years to save up for this retirement. At a 11% APR compounded monthly, how much do you need to put in each month to accomplish your goals?
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 35P
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For your retirement, you want to live on 19,000 per month while you are retired. Interest rates after retirement will be 7.5% APR compounded monthly. When you retire, you will spend 300,000 for a trip around the world. You plan to live 30 years after retirement, and leave 1 million for your kids. You have $3,000 to invest today, and 40 years to save up for this retirement. At a 11% APR compounded monthly, how much do you need to put in each month to accomplish your goals?
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