How much should you deposit at the end of each month in an IRA that pays 6% compounded monthly to earn $90,000 per year from interest alone, while leaving the principal untouched, to be withdrawn at the end of each year after you retire in 50 years? The monthly deposit is $. (Round up to the nearest dollar.)
How much should you deposit at the end of each month in an IRA that pays 6% compounded monthly to earn $90,000 per year from interest alone, while leaving the principal untouched, to be withdrawn at the end of each year after you retire in 50 years? The monthly deposit is $. (Round up to the nearest dollar.)
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 1P
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