Question

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Suppose you want to have $300,000 for retirement in 35 years. Your account earns 10% Interest.
How much would you need to deposit in the account each month?

Answer 1

Answer: 79.02

Explanation:

set present value to 0

set future value to 300000

set number of time periods to 35 * 12 = 420

set interest rate percent per time period to 10/12 = 0.833333.

Equation:

See attachment