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OHaganBooks.com has just introduced a retirement package for its employees. Under the annuity plan operated by Sleepy Hollow, the monthly contribution by the company on
OHaganBooks.com has just introduced a retirement package for its employees. Under the annuity plan operated by Sleepy Hollow, the monthly contribution by the company on behalf of each employee is $800. Each employee ca then supplement that amount through payroll deductions. The current rate of return of Sleepy Hollow's retirement fund is 7.3% Percy Eg thesistant website developer at OHaganBooks .com, plans to retire in 8 years. Currently, there is $60,000 in his retirement annuity Percy Egan actually wants to retire with $800,000. How much should he contribute each month, in addition to the company contribution of $800, to the annuity? (Assume interest is compounded monthly. Round your answer to the nearest cent.) $
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