SOLUTION: Suppose you want to have $500,000 for retirement in 30 years. Your account earns 7% interest. How much would you need to deposit in the account each month?

SOLUTION: Suppose you want to have $500,000 for retirement in 30 years. Your account earns 7% interest. How much would you need to deposit in the account each month?

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Question 1165231: Suppose you want to have $500,000 for retirement in 30 years. Your account earns 7% interest. How much would you need to deposit in the account each month?

Answer by ikleyn(52810) (Show Source): You can put this solution on YOUR website!
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The problem formulation is incomplete: the compounding period is not specified.

As I see, you try to create your own problem without having knowledge on the subject.

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