Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. finance
  3. 2) you wish to retire at age 62 and at the end of

2) You wish to retire at age 62 and at the end of each month...

60.1K

Verified Solution

Question

Finance

image

2) You wish to retire at age 62 and at the end of each month thereafter, for 23 years (276 months), to re- ceive $4,000. Assume that you begin making monthly payments into an account at age 24. You con- tinue these payments until age 62 . If the annual nominal interest rate is constant at 5.0%, how much must you deposit monthly between the ages of 24 and 62 (468 months)? 2) You wish to retire at age 62 and at the end of each month thereafter, for 23 years (276 months), to re- ceive $4,000. Assume that you begin making monthly payments into an account at age 24. You con- tinue these payments until age 62 . If the annual nominal interest rate is constant at 5.0%, how much must you deposit monthly between the ages of 24 and 62 (468 months)

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students