A person wants to retire with $2M in their retirement account. They narrowed down his retirement options to 3 Plans. Plan 1: Save equal monthly payments for the next 25 years earning an 8% return. Plan 2: Hold off saving for now and then save equal monthly amounts for the last 15 years of their career earning a 7% return. Plan 3: Save equal monthly amounts for the last 5 years of their career making a 6% return.
What's the minimum amount they will need to save each month in order to achieve their goal of having $2M in retirement savings? Solve for each plan, show Excel calculations.
| Plan 1 | Plan 2 | Plan 3 | |
| Monthly Payment |