You are currently 37 years old, and you plan to retire in 30 years. You’ve estimated that you need to accumulate an additional $1 million by the time you retire in order to fund your retirement income shortfall.
a) If you invest your funds to earn 6 percent per year, how much do you need to save each month?? (Round answer to 2 decimal places, e.g. 52.75.)
b) If you invest your funds and they will earn 8 percent per year, how much do you need to save each month?? (Round answer to 2 decimal places, e.g. 52.75.)