Cameron started contributing $400 per month to a retirement account when he was married at the age of 26.The account earned 8.7% compounded monthly until Cameron's finances changed when he was 48.His first child started college that year.Cameron didn't want to pay taxes or a penalty on an early withdrawal,but he did stop his monthly contributions to help pay for college.He moved the money in the account to a more conservative investment paying 4.9% compounded monthly until he was 60 and could begin withdrawing funds without penalty.Now Cameron wants to withdraw $2,500 per month to supplement his pension.How old will Cameron be when the money in this account runs out?

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The Answer of Cameron started contributing $400 per month to a retirement account when he was married at the age of 26.The account earned 8.7% compounded monthly until Cameron's finances changed when he was 48.His first child started college that year.Cameron didn't want to pay taxes or a penalty on an early withdrawal,but he did stop his monthly contributions to help pay for college.He moved the money in the account to a more conservative investment paying 4.9% compounded monthly until he was 60 and could begin withdrawing funds without penalty.Now Cameron wants to withdraw $2,500 per month to supplement his pension.How old will Cameron be when the money in this account runs out?

Cameron Started Contributing $400 Per Month to a Retirement Account