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?

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 35P

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