Question
Ms. W is 25 years old. She plans to retire at age 67. She plans to make a monthly deposit to her plension account at
Ms. W is 25 years old. She plans to retire at age 67. She plans to make a monthly deposit to her plension account at the end of each month from now until she retires, at age 67. She hopes to accumulate $680,000 in the account at the time of her retirement. Assuming that her pension account can generate a 9.2% annual interest, what should be the minimum amount of her monthly pension deposit? (Note that over-rounding may give you a significant rounding error. So round to at least 6 decimal places throughout your calculation to avoid getting the answer wrong.) Answer: $ _____________. (Round to two decimal places. Don't use dollar sign or comma in your answer.)
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