SOLUTION: Suppose you want to have $600,000 for retirement in 20 years. Your account earns 10% interest. a) How much would you need to deposit in the account each month? $ b) How

Question 1206311: Suppose you want to have $600,000 for retirement in 20 years. Your account earns 10% interest.
a) How much would you need to deposit in the account each month?
$

b) How much interest will you earn?
$

Answer by MathLover1(20850) (Show Source): You can put this solution on YOUR website!

Here,
is the future value =
is the monthly deposit=?
is the monthly interest rate =%/=
is the number of periods (years * months =months)

a) How much would you need to deposit in the account each month?

b) How much interest will you earn?
you will deposit total of

interest earned

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