FINAN 518- You are planning to save for retirement over the next 26 years.
You are planning to save for retirement over the next 26 years. To do this, you will invest $557 per month in a stock account and $184 per month in a bond account. The return of the stock account is expected to be 9 %, and the bond account will pay 6 %. When you retire, you will combine your money into an account with a return of 3 %.How much will be in the stock account at retirement? (Round answer to 2 decimal places, round the intermediate interest rate calculation to 5 decimal places if using TVM formulas and 3 decimal places if using a financial calculator)How much will be in the bond account at retirement? (Round answer to 2 decimal places, round the intermediate interest rate calculation to 5 decimal places if using TVM formulas and 3 decimal places if using a financial calculator)How much can you withdraw each month from your account assuming a 24-year withdrawal period?(Round answer to 2 decimal places, round the intermediate interest rate calculation to 5 decimal places if using TVM formulas and 3 decimal places if using a financial calculator)Stock Account ValueBond Account ValueRetirement Withdrawal
