SOLUTION: Alejandro has determined he needs to have $500,000 for retirement in 35 years. His account earns 6% interest.How much does Alejandro need to deposit in the account each month? How

Question 1015151: Alejandro has determined he needs to have $500,000 for retirement in 35 years. His account earns 6% interest.How much does Alejandro need to deposit in the account each month? How much total money will Alejandro put into the account?
I figured out the answer to the first question. The answer is $350.94 for what he needs to deposit in the account each month. I'm just having trouble answering the second question. Thank you so much!
Answer by Theo(13342) (Show Source): You can put this solution on YOUR website!
you got the first part right.
the second part is easier than you think.
he has to deposit 350.94 dollars each month for 35 * 12 = 420 months.
the total money that he has to put in the account is 420 * 350.94 = 147,398.39 dollars.

RELATED QUESTIONS
Alejandro has determined he needs to have $500,000 for retirement in 35 years. His... (answered by josmiceli)

I want to have 500,000 for retirement in 35 years. My account earns 4% interest, how much (answered by math_tutor2020,ikleyn)

suppose you want to have 500,000 for retirement in 20 years your account earns 4%... (answered by Theo,ikleyn)

Suppose you want to have $600,000 for retirement in 35 years. Your account earns 10%.... (answered by Boreal)

Uncle Moneybags has $500,000 saved for retirement. He has an account earning 6% interest. (answered by CPhill)

Suppose you have $900,000 for retirement in 30 years. Your account earns 8% interest.... (answered by ikleyn)

Suppose you want to have $300,000 for retirement in 30 years. Your account earns 6%... (answered by Theo)

Suppose you want to have $700,000 for retirement in 25 years. Your account earns 7%... (answered by ikleyn)

Suppose you want to have $400,000 for retirement in 20 years. Your account earns 4%... (answered by Solver92311)