Finance

Finance
You are female, 30 years old and planning to retire at age 65. In order to save for your retirement, you believe that you will be able to invest $300 of each month in an account that earns an average of 10% interest compounded semi-annually. As females have an expected longevity of 75 years, you believe you will live for ten years past your retirement age and will require a sum to live on, at the beginning of each year. The annual amount you require in your retirement years will grow at the expected annual inflation rate of 5% per annum. You also plan to bequeath, upon your death at 75 years of age, $10,000 to your old University. Given these plans, what is the amount you should withdraw in the first year of retirement?

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