SOLUTION: Suppose you want to have $800,000 for retirement in 25 years. Your account earns 8% interest. How much would you need to deposit in the account each month?

Algebra ->  Finance -> SOLUTION: Suppose you want to have $800,000 for retirement in 25 years. Your account earns 8% interest. How much would you need to deposit in the account each month?      Log On


   

Question 1163468: Suppose you want to have $800,000 for retirement in 25 years. Your account earns 8% interest. How much would you need to deposit in the account each month?
Answer by ikleyn(52894) About Me  (Show Source):
You can put this solution on YOUR website!
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In order for the formulation of the problem be correct / (complete), a compound period must be specified.