You are doing some long-range retirement planning. On the day you retire (23 years from now) you want to be able to withdraw $200,000. Then, you want to withdraw the following amounts at the end of each year after that (during your retirement period).
At the end of the 26th year in retirement, you’d like to have $500,000 remaining in your retirement account available for withdraw. During your retirement years, you anticipate earning a 4.5% rate of return.
You currently have $275,000 that you are going to use to start your retirement savings today. In addition, you plan to save $700 at the end of each month for the next 8 years. At that point (8 years from today) you will add another $150,000 to your retirement fund. Then, over the remaining 15 years, how much must you save at the end of each month to reach your goal if you earn 8.9% as a rate of return during the first 8 years and 7.6% over the final 15 years in which you are saving for retirement?
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