document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1169703>Question 1169703</A>: <I><SPAN STYLE=\"word-break: break-all;\"> Eugene began to save for his retirement at age 20, and for 10 years he put $ 550 per month into an ordinary annuity at an annual interest rate of 5% compounded monthly. After the 10 years, Eugene was unable to make the monthly contribution of $ 550, so he moved the money from the annuity into another account that earned 5% interest compounded monthly. He left the money in this account for 35 years until he was ready to retire. How much money did he have for retirement?<BR>\n" );
document.write( "If Eugene had waited until he was 44 years old to start saving for retirement and then decided to put money into an ordinary annuity for 21 years earning 5% interest compounded monthly, what monthly payment would he have to make to accumulate the same amount for retirement as you found in the first part of the question?<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 #851298 by </B><A HREF=/tutors/aboutme.mpl?userid=ikleyn><B>ikleyn(52847)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=ikleyn><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=ikleyn><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=851298\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> .\r<BR>\n" );
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document.write( "Solve it in the same way as I solved similar problem for you under this link\r<BR>\n" );
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document.write( "https://www.algebra.com/algebra/homework/Finance/Finance.faq.question.1169702.html\r<BR>\n" );
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document.write( "Use the same formulas.\r<BR>\n" );
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