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Topic: Retirement Investing: Company Deposit, Retirement Period
The company you work for will deposit $150 at the end of each month into your retirement fund. Interest is compounded monthly. You plan to retire 25 years from now and estimate that you will need to withdraw $2,000 per month during retirement, which will last 30 years. If the account pays 12% compounded monthly, how much do you need to put into the account each month, in addition to your company`s deposit, in order to meet your retirement needs? Show all work. Explain in a written portion.
Company deposit = $150
Retirement period = 25 years from now
Withdrawal at the retirement = $ 2000 per month
Total period of retirement payments = 30 years