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Suppose you want to have $500,000 for retirement in 35 years. Your account earns 4.3% interest....

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Basic Math

Suppose you want to have $500,000 for retirement in 35 years.Your account earns 4.3% interest. How much would you need todeposit in the account each month?
Round your answer to the nearest cent as needed.
$

How much would you need to deposit in an account each month inorder to have $20,000 in the account in 9 years? Assume the accountearns 2.6% interest.

You have $500,000 saved for retirement. Your account earns 6.4%interest. How much will you be able to pull out each month, if youwant to be able to take withdrawals for 20 years?

Answer & Explanation Solved by verified expert
4.3 Ratings (914 Votes)
1The formula for computing the future value A of annuity is A P1rn 1r where P is periodic payment r is the interest rate per period and n is the    See Answer
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