A man plans to retire in 15 years. While working, he intends to deposit money each month into his retirement fund which earns 6.6 % interest per year, compounded monthly. He desires a million dollars in his retirement fund at the time he retires. Over the next 15 years, what amount should he deposit monthly into his retirement fund in order to accomplish his goal? Give the answer to 2 decimal places, and do not use the $ sign in the answer box. The monthly deposit amount is Blank 1. Calculate the answer by read surrounding text. dollars
A man plans to retire in 15 years. While working, he intends to deposit money each month into his retirement fund which earns 6.6 % interest per year, compounded monthly. He desires a million dollars in his retirement fund at the time he retires. Over the next 15 years, what amount should he deposit monthly into his retirement fund in order to accomplish his goal? Give the answer to 2 decimal places, and do not use the $ sign in the answer box. The monthly deposit amount is Blank 1. Calculate the answer by read surrounding text. dollars
Chapter4: Time Value Of Money
Section: Chapter Questions
Problem 14PROB
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A man plans to retire in 15 years. While working, he intends to deposit money each month into his retirement fund which earns 6.6 % interest per year, compounded monthly. He desires a million dollars in his retirement fund at the time he retires. Over the next 15 years, what amount should he deposit monthly into his retirement fund in order to accomplish his goal?
Give the answer to 2 decimal places, and do not use the $ sign in the answer box.
The monthly deposit amount is Blank 1. Calculate the answer by read surrounding text. dollars.
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