Jared has decided that he wants to build enough retirement wealth that, if he invests at 8% per year (compounded monthly), will provide him with $3,500 of monthly income for 30 years. To date, he has saved nothing, but he still has 25 years until he retires. How much money does Jared need to contribute per month to reach his goal?

Question

Jared has decided that he wants to build enough retirement wealth that, if he invests at 8% per year (compounded monthly), will provide him with $3,500 of monthly income for 30 years.  To date, he has saved nothing, but he still has 25 years until he retires.  How much money does Jared need to contribute per month to reach his goal?

Reiny · Answer

I have now answered 2 of these kind of questions for you. Exactly where are you finding difficulties with these? Do you know the 4 basic formulas we have to use for these ?

Andrea Robinson · Answer

I don't even know where to start with this question