SOLUTION: A newscaster earns $29,800 and wants to invest 10% of his/her monthly salary to save for retirement in 27 years. If he/she invests this money at 4.9% compounded monthly, how much m

Algebra ->  Finance -> SOLUTION: A newscaster earns $29,800 and wants to invest 10% of his/her monthly salary to save for retirement in 27 years. If he/she invests this money at 4.9% compounded monthly, how much m      Log On


   

Question 1204399: A newscaster earns $29,800 and wants to invest 10% of his/her monthly salary to save for retirement in 27 years. If he/she invests this money at 4.9% compounded monthly, how much money will he/she have at retirement?
a) How much will be saved each year?
$

b) What will be the monthly deposit?
$

c) What will be the amount in the account after 27 years?
$
Answer by ikleyn(52776) About Me  (Show Source):
You can put this solution on YOUR website!
.

Similar problem (a TWIN) was solved yesterday under this link

https://www.algebra.com/algebra/homework/Finance/Finance.faq.question.1204380.html


Simply use it as your TEMPLATE and follow it step by step.


It is a good chance for you to check if you do understand that solution.