You hope to retire when you reach age 65 (in 40 years- assume you just turned 25) and you calculate that you need to have saved $1 million (in today's prices) to retire comfortably. How much do you have to save each month to reach this goal if the real interest rate (after inflation is deducted) is 3%?
(Assume you put the same amount into your pension fund at the beginning of each month starting today).
