Question 1190657
You expect to retire in 15 years. After you retire, you want to be able to withdraw $2,500 from your account each month for 20 years.

If your account earns 5% interest compounded monthly, how much will you need to deposit each month until retirement to achieve your retirement goals? (Round to the nearest cent.)
I've tried to do this but I think I got the wrong answer
<pre>The other person is WRONG!
In 15 years, at the time of retirement, you'll need <font size = 4><font color = blue><b>$378,813.28</font></font></b> in order to withdraw $2,500 per month for 20 years 
thereafter, at 5% annual interest, compounded monthly.
To acquire the <font size = 4><font color = blue><b>$378,813.28</font></font></b> in 15 years, you'll need to deposit <font size = 4><font color = blue><b>$1,417.24</font></font></b> per month for 15 years, at 5% annual interest, 
compounded monthly.
<font size = 4><font color = blue><b>You wanna check your answers against these?</font></font></b>