document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1177664>Question 1177664</A>: <I><SPAN STYLE=\"word-break: break-all;\"> If an individual determines that they would like to retire in 20 years with $500,000 as the future value that is in their IRA, which earns 6% compounded monthly, how much money (rounded to the nearest cent) should they be putting away into the account each month?\r<BR>\n" );
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document.write( "Please explain to me step-by step with the calculations!\r<BR>\n" );
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document.write( "Homework question from Hans Beauvoir\r<BR>\n" );
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document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #807137 by </B><A HREF=/tutors/aboutme.mpl?userid=Theo><B>Theo(13342)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=Theo><IMG SRC=http://www.algebra.com/images/aboutme-small.gif BORDER=0 alt=\"About Me\" VALIGN=MIDDLE></A>&nbsp;<IMG SRC=http://www.algebra.com/cgi-bin/show-face.mpl?user=Theo><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=807137\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> use the following financial calculator.<BR>\n" );
document.write( "<a  rel=nofollow HREF= \"https://arachnoid.com/finance/index.html\" target = \"_blank\">https://arachnoid.com/finance/index.html</a>\r<BR>\n" );
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document.write( "inputs are as shown below:\r<BR>\n" );
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document.write( "output is as shown below:\r<BR>\n" );
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document.write( "<IMG STYLE=\"max-width:80%;\" src = \"http://theo.x10hosting.com/2021/040202.jpg\">\r<BR>\n" );
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document.write( "since you are making monthly payments, the number of time periods is 20 * 12 = 240 months and the interest rate per month is equal to 6/12 = .5\r<BR>\n" );
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document.write( "after you make the inputs, you click on pmt and it tells you what the payment amount needs to be.\r<BR>\n" );
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document.write( "payment is made at end of each time period unless otherwise specified.\r<BR>\n" );
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