SOLUTION: suppose you want to have 600,000 for retirement in 20 years your account earns 5% interest. a) how much would you need to deposite in the account each month b) how much inter
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Question 1203874: suppose you want to have 600,000 for retirement in 20 years your account earns 5% interest. a) how much would you need to deposite in the account each month b) how much interest will you earn Answer by Theo(13342) (Show Source):
You can put this solution on YOUR website! i used the calculator at https://arachnoid.com/finance/
present value = 0
future value = 600,000
number of time periods = 20 years * 12 = 240 months.
interest rate per time period = 5% per year / 12 = .416666666....% per month
payments are made at the end of each month.
calculator says that you need to invest 1459.73 at the end of each month.
the results are shown below.
