Suppose you have $500,000 for retirement in 20 years.Your account earns 6% interest. How much would you need to deposit in the account each month?

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Zzaman asked Jun 23, 2022

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Suppose you have $500,000 for retirement in 20 years.Your account earns 6% interest. How much would you need to deposit in the account each month?

Mathematics
high-school

Zzaman asked Jun 23, 2022

by Zzaman

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23 votes

Answer:

30,000

Explanation:

What I did was 6 divided by 100 and I got 0.06 times the the 500,000 and got 30,000 so your answer should be 30,000. Hope this helps and let me know if I'm wrong. have a great day!

Ty W answered Jun 30, 2022

by Ty W

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