SOLUTION: Suppose you want to have $400,000 for retirement in 30 years. Your account earns 9% interest. a) How much would you need to deposit in the account each month? b) How much int

Question 1201516: Suppose you want to have $400,000 for retirement in 30 years. Your account earns 9% interest.
a) How much would you need to deposit in the account each month?
b) How much interest will you earn?
Answer by Theo(13342) (Show Source): You can put this solution on YOUR website!
your payment will be 218.49 at the end of each month.
the calculator i used is at https://arachnoid.com/finance/
prsent value is 0
furture value is 400,000
number of time periods is 30 * 12 = 360 months
interest rate per time period is 9/12 = .75% per month
payment is at the end of each month.
here's what it looks like.

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