Question
A newscaster earns $35,000 and wants to invest 10% of his/her monthly salary to save for retirement in 38 years. If he/she invests this money
A newscaster earns $35,000 and wants to invest 10% of his/her monthly salary to save for retirement in 38 years. If he/she invests this money at 2.4% compounded monthly, how much money will he/she have at retirement?
a) How much will be saved each year?
b)What will be the monthly deposit?
c)What will be the amount in the account after 38 years?
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Numerical Analysis
Authors: Richard L Burden, J Douglas Faires, Annette M Burden
10th Edition
1305465350, 9781305465350
