FINANCE:

2.

Suppose you want to have $800,000 for retirement in 20 years. Your account earns 7% interest. a) How much would you need to deposit in the account each month? $ b) How much interest will you earn? $ c) Suppose you waited 10 years to invest in the same retirement fund and have the same $800,000 for retirement at the same 7% interest. What amount will you have to deposit each month to match the value of your annuity? $ d) Which investment plan is better and why?