Question

You just celebrated your 40^{th} birthday. You plan to
retire when you turn 65. Today you have $105,736.62 accumulated in
your retirement plan and plan to continue adding money each month
to your retirement plan for exactly 25 years, starting one month
from now. When you retire you will receive a $40,000 retirement
bonus from your employer and will immediately deposit the money
into your retirement plan. You will then use the accumulated funds
to purchase an annuity that will pay you $5,800 per month for 10
years, with the first withdrawal starting one month after your
65^{th} birthday. Assume the retirement plan and the
annuity earn 5.10%/yr compounded monthly.

**a.** How much must you deposit each month?

Round to the nearest cent

**b.** How much interest will you earn?

Round to the nearest cent

Answer #1

**PLEASE.....UPVOTE....ITS REALLY HELPS ME....THANK
YOU....SOOO MUCH....**

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Intro
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QUESTION 9
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