Question
The company Mr. Z works for will deposit $600 at the end of each month into his retirement fund. Interest is compounded monthly. Mr. Z
The company Mr. Z works for will deposit $600 at the end of each month into his retirement fund. Interest is compounded monthly. Mr. Z plans to retire 15 years from now and estimate that he will need $2,000 per month out of the account for the next 20 years (after retirement). If the account pays 8.0% APR compounded monthly, how much does Mr. Z need to put into the account in addition to his company deposit in order to meet his objective?
A $0.00
B $57.59
C $90.99
D $95.88
E $104.49
If you deposit $2,500 at the end of each six months into an account which offers an APR of 5.5% interest compounded quarterly, how much will be in the account in 5 years?
A$13,953
B$16,931
C $26,605
D$28,357
E$32,188
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