SOLUTION: A newscaster earns $29,800 and wants to invest 10% of his/her monthly salary to save for retirement in 27 years. If he/she invests this money at 4.9% compounded monthly, how much m
Algebra.Com
Question 1204399: A newscaster earns $29,800 and wants to invest 10% of his/her monthly salary to save for retirement in 27 years. If he/she invests this money at 4.9% compounded monthly, how much money will he/she have at retirement?
a) How much will be saved each year?
$
b) What will be the monthly deposit?
$
c) What will be the amount in the account after 27 years?
$
Answer by ikleyn(52776) (Show Source): You can put this solution on YOUR website!
.
Similar problem (a TWIN) was solved yesterday under this link
https://www.algebra.com/algebra/homework/Finance/Finance.faq.question.1204380.html
Simply use it as your TEMPLATE and follow it step by step.
It is a good chance for you to check if you do understand that solution.
RELATED QUESTIONS
A newscaster earns $26,100 and wants to invest 10% of his/her monthly salary to save for... (answered by MathLover1)
A newscaster earns $25,600 and wants to invest 10% of his/her monthly salary to save for... (answered by mananth,MathTherapy,greenestamps)
A newscaster earns $32,700 each year and wants to invest 10% of his/her monthly salary to (answered by ikleyn)
A newscaster earns $32,200 and wants to invest 10% of his/her monthly salary to save for... (answered by ikleyn,Theo)
1.Marina had an accident with her car and the repair bill came to $800. She didn’t have... (answered by ikleyn)
Craig and Susan Miller had just returned from their honeymoon trip in the Whitsundays.... (answered by Fombitz)
Craig and Susan Miller had just returned from their honeymoon trip in the Whitsundays.... (answered by Fombitz)
Craig and Susan Miller had just returned from their honeymoon trip in the Whitsundays.... (answered by Fombitz)
raig and Susan Miller had just returned from their honeymoon trip in the Whitsundays.... (answered by Alan3354)