Question

III.John is currently 25 years old. He has $10,000 saved up and wishes to deposit this into a savings account which pays him J12 = 6% p.a. He also wishes to deposit $X every month into that account so that when he retires at 55, he can withdraw $2000 every month end to support his retirement. He expects to live up till 70 years. How much should he deposit every month into his account?

Answer 1

Answer:

Monthly Deposite,X = $ 175.98669 ≈ $175.99

Step-by-step explanation:

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