or the next 34 years you plan to invest 741 a month into a stock account earning 8.62% annually. you also plan to put 379 monthly into a bond account earning 3.79% annually. after you retire you will deposit the money in the account earning 4.74% per year. how much can you withdrawal monthly over your 31 year retirement
Added by Mariah P.
Step 1
- Monthly contribution to the stock account: \( P = 741 \) - Annual interest rate for the stock account: \( r = 8.62\% = 0.0862 \) - Monthly interest rate for the stock account: \( r_{monthly} = \frac{0.0862}{12} \approx 0.00718333 \) - Total number of Show more…
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