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How much should you deposit at the end of each month into an investment account that pays 7.5% compounded monthly to have $1 million when
How much should you deposit at the end of each month into an investment account that pays 7.5% compounded monthly to have $1 million when you retire in 40 years? How much of the $1 million comes from interest? each month. In order to have $1 million in 40 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.)
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