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To supplement your planned retirement in exactly 45 years, you estimate that you need to accumulate $390,000 by the end of 45 years from today.
To supplement your planned retirement in exactly 45 years, you estimate that you need to accumulate $390,000 by the end of 45 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 $390,000 fund by the end of 45 years? b. If you can afford to deposit only $1,110 per year into the account, how much will you have accumulated by the end of 45 years? Your Answer: (Round to two decimal places.) a. The annual deposits to create the $390000 fund by the end of 45 years should be $ b. If you can afford to deposit only $1110 per year into the account, by the end of 45 years you will have $
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