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Sanjay and Marissa Gupta have decided to begin a retirement savings program where they will contribute to an account that will accumulate tax free throughout
Sanjay and Marissa Gupta have decided to begin a retirement savings program where they will contribute to an account that will accumulate tax free throughout their working lives. The couple expects to retire in exactly 28 years from today, and their goal is to have accumulated the amount of $925000 when they reach their future retirement age. In order to meet their goal, the couple will begin making annuity contributions to a special account devoted to the retirement goal. Contributions to this account will begin one month from today, and the couple will continue placing monthly amounts into their retirement account for the next 28 years. What minimum annuity amount needs to be placed in their account at the end of each month so that they'll reach their goal if the annual interest rate is 3%. Place your answer in dollars and cents. DO NOT USE A DOLLAR SIGN OR A COMMA IN YOUR ANSWER. Work all calculations to at least four decimal points of accuracy
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