You want to be able to withdraw $25,000 from your account each year for 20 years after you retire. If you expect to retire in 25 years and your account earns 7% interest while saving for retirement and 6.7% interest while retired

Question

Round your answers to the nearest cents 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?

I need to know exactly your getting these answers, I only have one shot at this. I have tried everything I was taught and I'm not understanding where to start. Please and thank you!

Answer 1

543.98