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please solve with steps! Saving for Retirement You decide to make monthly payments into a retirement fund earning 4.75% compounded monthly. Note: Payments are made
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Saving for Retirement You decide to make monthly payments into a retirement fund earning 4.75% compounded monthly. Note: Payments are made at the end of each period. Use this information for the questions below. Question 1 33.33pts Use the Saving for Retirement information above to answer this question. You decide to deposit $300 each month into the retirement fund, and retire when you can afford to buy your dream boat, which costs $303,000. How many months will you need to make payments before you can retire? months. Round to the nearest month. Use the Saving for Retirement information above to answer this question. Suppose you want to use this fund to buy a $321,000 houseboat when you retire in 40 years. How much do you need to deposit each month in order to achieve this goal? Round to the nearest dollar. Question 3 33.33 pts Use the Saving for Retirement information above to answer this question. If your monthly payments are $169, how much will you have in your retirement fund after 40 years? Round to the nearest dollarStep by Step Solution
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