Suppose you want to have $400,000 for retirement in 35 years. Your account earns 9% interest. a) How much would you need to deposit in the account each month? b) How much interest will you earn? $

a) The attached spreadsheet shows the use of the "payment" function for determining the amount of a payment that will give the desired future value. It shows the deposit needs to be $135.97 per month.

__

b) The interest earned is the difference between 420 payments and the account balance. The interest amount is $342,892.60.

Answer Link

Suppose you want to have $400,000 for retirement in 35 years. Your account earns 9% interest. a) How much would you need to deposit in the account each month? b) How much interest will you earn? $​

Respuesta :

Otras preguntas

Suppose you want to have $400,000 for retirement in 35 years. Your account earns 9% interest. a) How much would you need to deposit in the account each month? b) How much interest will you earn? $