Question
To supplement your planned retirement in exactly 43 years, you estimate that you need to accumulate $290,000 by the end of 43 years from today.
To supplement your planned retirement in exactly 43 years, you estimate that you need to accumulate $290,000 by the end of 43 years from today. You plan to make equal, annual, end-of-year deposits into an account paying 7% annual interest. a. How large must the annual deposits be to create the $290,000 fund by the end of 43 years? b. If you can afford to deposit only $880 per year into the account, how much will you have accumulated by the end of 43 years?
Your Answer: (Round to two decimal places.)
a. The annual deposits to create the $290000 fund by the end of 43 years should be $ Blank 1. Fill in the blank, read surrounding text. b. If you can afford to deposit only $880 per year into the account, by the end of 43 years you will have $ Blank 2. Fill in the blank, read surrounding text.
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