document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1195618>Question 1195618</A>: <I><SPAN STYLE=\"word-break: break-all;\"> Suppose you want to have $300,000 for retirement in 25 years. Your account earns 10% interest. Round your answers to the nearest cent.\r<BR>\n" );
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document.write( "a) How much would you need to deposit in the account each month?<BR>\n" );
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document.write( "b) How much interest will you earn?<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 #828368 by </B><A HREF=/tutors/aboutme.mpl?userid=Boreal><B>Boreal(15235)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=Boreal><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=Boreal><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=828368\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> 300000=m(1+(r/n))^300-1)/(r/n), where r=0.10 and n=12<BR>\n" );
document.write( "multiply through by (0.10/12)<BR>\n" );
document.write( "2500=m(1.0083333)^300-1=m(11.05694,) but round only at the end.<BR>\n" );
document.write( "m=$226.10<BR>\n" );
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document.write( "The amount of all the deposits is $226.10*300=$67,830<BR>\n" );
document.write( "The interest is everything else up to $300,000=$232,170<BR>\n" );
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