Question

Suppose you want to have $400,000 for retirement in 35 years. Your account earns 4% interest. Round your answers to the nearest cent.

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

Answer 1

you would need to deposit approximately $2,589.85 in the account each month to have $400,000 for retirement in 35 years with a 4% interest rate.