SOLUTION: Suppose you want to have $500,000 for retirement in 20 years. Your account earns 6% annual interest compounded monthly.
a) How much would you need to deposit in the account at
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Question 1148955: Suppose you want to have $500,000 for retirement in 20 years. Your account earns 6% annual interest compounded monthly.
a) How much would you need to deposit in the account at the end of each month?
b) How much interest will you earn?
Answer by ikleyn(52921) (Show Source): You can put this solution on YOUR website!
.
A TWIN problem was solved under this link
https://www.algebra.com/algebra/homework/equations/Equations.faq.question.1148888.html
https://www.algebra.com/algebra/homework/equations/Equations.faq.question.1148888.html
Use it and solve the given problem BY THE SAME WAY.
Happy calculations (!)
And happy learning, too (!)
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