Question 1184861
you need to provide how much she has already accumulated in her account.


you then need to subtract that from 600,000.


you would then use the following formula to find out what the payment needs to be.


a = (x * .005) / (1.005 ^ 168 - 1)


for example:


if you have 200,000 already saved, then x would be equal to 600,000 minus that = 400,000 and the formula would become:


a = 400000 * .005) / (1.005 ^ 168 - 1) = 1524.943698.


.005 is equal to .06 / 12.
that's the interest rate per month required by the formula that is dealing with 168 months.


she needs the money when she becomes 60.
she is now 46.
60 - 46 = 14 years * 12 = 168 months from now.


replace x with whatever (600,000 minus whatever value she has already saved, and the fomula will give you your answer.