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Suppose you want to have $ 6 0 0 , 0 0 0 for retirement in 2 0 years. Your account earns 8 % interest.

Suppose you want to have $ $600, 000$ for retirement in $20$ years. Your account earns $8 %$ interest. How much would you need to deposit in the account each month?

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Question

Suppose you want to have $ 6 0 0 , 0 0 0 for retirement in 2 0 years. Your account earns 8 % interest.

Suppose you want to have $600,000 for retirement in 20 years. Your account earns 8% interest. How much would you need to deposit in the account each month?

Step by Step Solution

Step: 1

Get Instant Access to Expert-Tailored Solutions

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Recommended Textbook for

Victorian Literature And Finance

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Suppose you want to have $ $600, 000$ for retirement in $20$ years. Your account earns $8 %$ interest. How much would you need to deposit in the account each month?