Marcus plans to retire in 40 years. He will make 20 years (240 months) of equal monthly payments to his retirement account Twenty years after his last contribution, he
will begin the first of 240 months of withdrawals of $3400 per month. Assume that the retirement account earns interest of 8.4% compounded monthly for the duration
of his contributions, the 20 years in between his contributions and the beginning of his withdrawals, and the 20 years of withdrawals. How large must
Marcus's monthly
contributions be in order to accomplish his goal?
Write the
nation to determine the future value RM recretirement lantar nur