document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1203059>Question 1203059</A>: <I><SPAN STYLE=\"word-break: break-all;\"> Suppose you want to have $400,000 for retirement in 20 years. Your account earns 7% interest. \r<BR>\n" );
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document.write( "a) How much would you need to deposit in the account each month?\r<BR>\n" );
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document.write( "b) How much interest will you earn? </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #838308 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=838308\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> 20 years * 12 months per year = 240 months.<BR>\n" );
document.write( "7% interest rate per year / 12 = .5833333333% per month.<BR>\n" );
document.write( "present value = 0.<BR>\n" );
document.write( "future value = 400,000<BR>\n" );
document.write( "payments are made at the end of each year.<BR>\n" );
document.write( "use the financial calculator at <a  rel=nofollow HREF= \"https://arachnoid.com/finance/\" target = \"_blank\">https://arachnoid.com/finance/</><BR>\n" );
document.write( "here are the results.\r<BR>\n" );
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document.write( "you will need to deposit 767.86 into the account at the end of each month for 240 months.\r<BR>\n" );
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document.write( "your total payments are 240 * 3,101.20 = 744,288.<BR>\n" );
document.write( "your<BR>\n" );
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