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I have been struggling with this question, and I would really appreciate the help. Enter your desired amount of money you wish to receive each
I have been struggling with this question, and I would really appreciate the help.
Enter your desired amount of money you wish to receive each month while retired = exist DO NOT TYPE COMMAS OR ANSWERS WILL BE MARKED INCORRECT b) Upon retirement (40 years from now) you want to receive "x dollars" (amount of money you choose in Part a) each month for a period of 28 years. This money resides in an account that pays 6.5% interest. How much money must be in the account to fulfill your goal? Amount of money needed = exist DO NOT TYPE COMMAS OR ANSWERS WILL BE MARKED INCORRECT. Round your answer to 2 decimal places as needed. c) You plan to deposit money every month for 40 years into an account that pays 6.4%. What monthly deposit must you make to achieve the amount of money determined in the answer to Part b above? Payment amount = exist DO NOT TYPE COMMAS OR ANSWERS WILL BE MARKED INCORRECT. Round your answer to 2 decimal places as needed. d) How much money did you actually deposit into the account? Total amount deposited = exist DO NOT TYPE COMMAS OR ANSWERS WILL BE MARKED INCORRECT. Round your answer to 2 decimal places as needed. e) How much money will you actually receive in payments during retirement? Total amount received = exist DO NOT TYPE COMMAS OR ANSWERS WILL BE MARKED INCORRECT. Round your answer to 2 decimal places as neededStep by Step Solution
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