Answered: Suppose you want to have $400,000 for…

Suppose you want to have $400,000 for retirement in 20 years. Your account earns 9% interest. a) How much would you need to deposit in the account each month? $ b) How much interest will you earn?

Intermediate Algebra

19th Edition

ISBN:9780998625720

Author:Lynn Marecek

Publisher:Lynn Marecek

Chapter2: Solving Linear Equations

Section2.2: Use A Problem Solving Strategy

Problem 2.49TI: Nathaly deposited $12,500 in her bank account where it will earn 4% simple interest. How much...

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Question

Suppose you want to have $400,000 for retirement in 20 years. Your account earns 9% interest.

a) How much would you need to deposit in the account each month?

$

b) How much interest will you earn?

Expert Solution