Answer to Question #98328 in Financial Math for Dee

Question

You just turned 25 and got a great job. Wisely, you decide to start saving for retirement
right now. How much should you save at the end of each month (level amount) so that
when you turn 65 and retire you can withdraw RM 5000 per month at the end of the first
month (age 65 and 1 month) and your withdrawals increase by 2% each month thereafter
for 30 years. You can earn a nominal rate of 8% compounded monthly during your working
years and a nominal rate of 6% compounded monthly during your retirement years.

Answer 1

Dear Dee, your question requires a lot of work, which neither of our experts is ready to perform for free. We advise you to convert it to a fully qualified order and we will try to help you. Please click the link below to proceed: Submit order