Problem
Mrs. A is 27 years old. She plans to retire at age 64. In her retirement, she plans to live off her pension income, at $89,467 a year. Assuming that her pension account can generate a 10% annual interest for her lifetime, and she plans to live to 96. She will withdraw the pension income at the beginning of each year. If she and her employer together make a contribution to her pension account at the end of each month between now (age 27) and the day she retires (age 64), what should be the minimum amount of this combined contribution?