Question

john is currently 25 years old. he has 10,000 saved up and wishes to deposit this into a saving account which pays him J12=6% p.a. he also wish to deposit $ x every month into that account so that when he retires at 55, he can withraw $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

700 dollars because he would have 31,000 dollars by 55 so he would have to live off 2,066 a month.

(you have no idea how long that took to do in my brain.