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USE 4 DECIMAL PLACES (rounded), i.e., 1.2345% or .6789- for intermediate calculations and round your final answer to two decimal places. For amounts involving dollars
USE 4 DECIMAL PLACES (rounded), i.e., 1.2345% or .6789- for intermediate calculations and round your final answer to two decimal places. For amounts involving dollars and cents, use two decimal places. A person starts contributing into his/her/their pension plan on their 40th birthday. How much will he/she/they have to pay into the pension fund each year in order to accumulate a balance of $500,000 by the time he/she/they retires (age 67)? Assume that the final payment is on his/her/their 60th birthday. Interest rates are 9% compounded quarterly
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