How much would you need to deposit in the account each month?

Elementary Algebra
17th Edition
ISBN:9780998625713
Author:Lynn Marecek, MaryAnne Anthony-Smith
Publisher:Lynn Marecek, MaryAnne Anthony-Smith
Chapter3: Math Models
Section: Chapter Questions
Problem 430PT: Melinda deposited $5,985 in a bank account with an interest rate of 1.9%. How much interest was...
icon
Related questions
Question
Suppose you want to have $600,000 for retirement in 25 years. Your account earns 8% interest. Round your
answers to the nearest cent.
a) How much would you need to deposit in the account each month?
b) How much interest will you earn?
Transcribed Image Text:Suppose you want to have $600,000 for retirement in 25 years. Your account earns 8% interest. Round your answers to the nearest cent. a) How much would you need to deposit in the account each month? b) How much interest will you earn?
Expert Solution
steps

Step by step

Solved in 3 steps with 2 images

Blurred answer
Recommended textbooks for you
Elementary Algebra
Elementary Algebra
Algebra
ISBN:
9780998625713
Author:
Lynn Marecek, MaryAnne Anthony-Smith
Publisher:
OpenStax - Rice University
College Algebra
College Algebra
Algebra
ISBN:
9781337282291
Author:
Ron Larson
Publisher:
Cengage Learning
Algebra: Structure And Method, Book 1
Algebra: Structure And Method, Book 1
Algebra
ISBN:
9780395977224
Author:
Richard G. Brown, Mary P. Dolciani, Robert H. Sorgenfrey, William L. Cole
Publisher:
McDougal Littell