You are planning to save for retirement over the next 20 years. To do this, you will invest $1,000 a month in a stock account and $700 a month in a bond account. The return of the stock account is expected to be 11 percent, and the bond account will pay 6 percent. When you retire, you will combine your money into an account with a return of 8 percent. How much can you withdraw each month from your account assuming a 15-year withdrawal period?
You are planning to save for retirement over the next 20 years. To do this, you will invest $1,000 a month in a stock account and $700 a month in a bond account. The return of the stock account is expected to be 11 percent, and the bond account will pay 6 percent. When you retire, you will combine your money into an account with a return of 8 percent. How much can you withdraw each month from your account assuming a 15-year withdrawal period?
Related questions
You are planning to save for retirement over the next 20 years.To do this, you will invest $1,000 a month in a stock account and$700 a month in a bond account. The return of the stock account isexpected to be 11 percent, and the bond account will pay 7 percent.When you retire, you will combine your money into an account with a10 percent return. |
Required:
How much can you withdraw each month from your account assuminga 20-year withdrawal period?(Do not round your intermediatecalculations.) |
