I start a savings plan for retirement and I put away $200 a month. *
Question # 00082689
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Updated on: 07/16/2015 12:30 AM Due on: 08/15/2015
I start a savings plan for retirement and I put away $200 a month. I would like to retire in 30 years.
1. With the 3% account, the monthly payments might be difficult to maintain, so I decide to wait 35 years to retire. What are my monthly payments with this plan?
2. Suppose I can find an account that earns 4% interest instead. How does that change my monthly payments
3. State conclusions and interpretations of these calculations.
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Solution: I start a savings plan for retirement and I put away $200 a month. *