8).

a.b.

How much should you deposit at the end of each month into an investment account that pays 6.5% compounded monthly to have $1 million when you retire in 36 years? How much of the $1 million comes from interest? each month. In order to have $1 million in 36 years, you should deposit $ (Round up to the nearest dollar.) $ of the $1 million comes from interest. (Use the answer from part (a) to find this answer. Round to the nearest dollar as needed.) At the age of 32, to save for retirement, you decide to deposit $40 at the end of each month in an IRA that pays 3.5% compounded monthly. Use the following formula to determine how much you will have in the IRA when you retire at age 65. P[(1+r) - 1] a. You will have approximately $ in the IRA when you retire. (Do not round until the final answer. Then round to the nearest dollar as needed.) a. b. The interest is approximately $ (Use the answer from part a to find this answer. Round to the nearest dollar as needed.) A= or r nt -1 P 1+ n A= - - b. Find the interest