Compute how much money you need to invest each month in order to be able to have enough money at retirement in 40 years to have retirement income of 3500 per month for u+28 months if you can earn 6.22% per year? U=12

Compute how much money you need to invest each month in order to be able to have enough money at retirement in 40 years to have retirement income of 3500 per month for u+28 months if you can earn 6.22% per year? U=12

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

100%

U=12

Expert Solution

Step 1: Given;

Given that,

Interest rate = 6.22%

Time period = 40 years

U = 12

No. of months = u +28

Find:

Amount deposited each month =?

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