You want to save money to retire one day and live well out of a monthly pension. With this in mind, you have decided to save a certain amount, every month, until you are 50 years old, so when you are 50 years and 1 month old, you will receive 2500 dollars, every month for the rest of your life.
If you turned 25 years old today, and want to start today to save that certain amount of money in a fund that offers a 7% effective annual interest rate.
How much money do you have to save in that fund every month in order to make your retirement dream come true?