Question
To supplement your retirement you estimate you need to accumulate $270,000 exactly 42 yrs from now. You plan to make equal end of year deposits
To supplement your retirement you estimate you need to accumulate $270,000 exactly 42 yrs from now. You plan to make equal end of year deposits into an account paying 9% annual interest. How large must the the annual deposits be to create the $270,000 fund by the end of 42 years and if you can afford to deposit only $520 a year into the account how much will you have in 42 years?
A. the annual deposits to create the $270,000 fund by the end of 42 years should be?
B. if you can deposit $520 per year how much will you have at the end of the 42 yrs?
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