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A men turns 40 today and wishes to provide supplemental retirement income of 3000 at the beginning of each month starting on his 65th birthday. Starting today, he makes monthly contributions of X to a fund for 25 years. The fund earns a nominal rate of 8% compounded monthly. Each 1000 will provide for 9.65 of income at the beginning of each month starting on his 65th birthday until the end of his life. Calculate X. [11/01 #27]
Solution: One way tto look at this is to note that if $1,000 guarntees $9.65 per month (How to calculate 9.65? )
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