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Xander Schauffele wishes to save money to provide for his retirement in 23 years. Beginning...

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Accounting

Xander Schauffele wishes to save money to provide for his retirement in 23 years. Beginning one month from now, he will begin depositing a fixed amount each month for the next 23 years into a retirement savings account that will earn 6% compounded monthly. Then, one year after making his final deposit, he will want to withdraw $80,100 annually for 13 years for his retirement. The fund will continue to earn 6% compounded monthly. How much should his monthly deposits be so that he will have enough money to purchase the annuity that pays $80,100 a year for 13 years when he retires

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