SOLUTION: Suppose you want to have $300,000 for retirement in 25 years. Your account earns 5% interest.
a) How much would you need to deposit in the account each month?
b) How much i
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-> SOLUTION: Suppose you want to have $300,000 for retirement in 25 years. Your account earns 5% interest.
a) How much would you need to deposit in the account each month?
b) How much i
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Question 1195119: Suppose you want to have $300,000 for retirement in 25 years. Your account earns 5% interest.
a) How much would you need to deposit in the account each month?
You can put this solution on YOUR website! you would need to deposit $503.77 at the end of each month.
i used the calculator at https://arachnoid.com/finance/
inputs were everything except pmt.
output was pmt.
time periods were in months.
number of months = 25 * 12 = 300.
interest rate per month = 5/12% = .4166666667% per month.
total interest earned was 300,000 minus 300 * 503.77 = $148,868.96.
let me know if you have any questions.
theo
