You are planning for your retirement and have decided the following: you will retire in 35 years and will make monthly deposits into your retirement account of $400 for the next 15 years and then monthly deposits of $800 for the remaining 20 years until retirement. You have access to an account that earns a 7% rate of return. A.) How much will you have when you retire? B.) Once you retire, you plan to live off of the interest. If you make annual withdrawls, what will be your retirement income? C.) If your goal is to be able to live off $80,000 per year during retirement (instead of your answer to B), how much would you have to have at retirement to reach this goal?
