You are saving for your retirement. At the end of each month you will put $300 into your retirement account. You plan to do this for the next 30 years. If you want to take out $3,000 at the end of each month starting at the end of the first month of your retirement, how long will the money last if interest rates during the time period of the problem average 6% per annum compounded monthly?

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The Answer of You are saving for your retirement. At the end of each month you will put $300 into your retirement account. You plan to do this for the next 30 years. If you want to take out $3,000 at the end of each month starting at the end of the first month of your retirement, how long will the money last if interest rates during the time period of the problem average 6% per annum compounded monthly?

You Are Saving for Your Retirement