Question
The company you work for will deposit $370 at the end of each month into your retirement fund. You plan to retire 15 years from
The company you work for will deposit $370 at the end of each month into your retirement fund. You plan to retire 15 years from now and estimate that you will need $1,800 per month out of the account for the following 20 years. If the account pays 8.00% compounded monthly, how much do you need to put into the account in addition to your company deposit to meet your objective?
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Intermediate Accounting
Authors: J. David Spiceland, James Sepe, Mark Nelson
6th edition
978-0077400163
