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How much should you deposit at the end of each month into an investment account that pays 6% compounded monthly to have $4 million when
How much should you deposit at the end of each month into an investment account that pays 6% compounded monthly to have $4 million when you retire in 44 years? How much of the $4 million comes from interest? Click the icon to view some finance formulas. In order to have $4 million in 44 years, you should deposit $ each month. (Round up to the nearest dollar.) \$ of the $4 million comes from interest. (Use the answer from part (a) to find this answer. Round to the nearest dollar as needed.) In the following formulas, P is the deposit made at the end of each compounding period, r is the annual interest rate of the annuity in decimal form, n is the number of compounding periods per year, and A is the value of the annuity after t years. A=rP[(1+r)t1]A=(nr)P[(1+nr)nt1]P=[(1+nr)nt1]A(nr)n In the following formulas, P is the principal amount deposited into an account, r is the annual interest rate in decimal form, n is the number of compounding periods per year, and A is the future value of the account after t years. A=P(1+r)tA=P(1+nr)nt
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