Question

You want to be able to withdraw $20,000 from your account each year for 15 years after you retire. If you expect to retire in 20 years and your account earns 7.4% interest while saving for retirement and 4.8% interest while retired:
Round your answers to the nearest cent as needed.

a) How much will you need to have when you retire?
$

b) How much will you need to deposit each month until retirement to achieve your retirement goals?
$

c) How much did you deposit into you retirement account?
$

d) How much did you receive in payments during retirement?
$

e) How much of the money you received was interest?
$