Madalyn wants to have $180,000 in her retirement account in 35 years. She found an investment with an APR of 2.05%. 2. How much will she need to deposit each month? Write the formula used. Show the values substituted into the formula. Calculate the result. Round your answer to the nearest whole cent. 3. Calculate the total amount that Madalyn will deposit into the account over the 35 years.
Madalyn wants to have $180,000 in her retirement account in 35 years. She found an investment with an APR of 2.05%. 2. How much will she need to deposit each month? Write the formula used. Show the values substituted into the formula. Calculate the result. Round your answer to the nearest whole cent. 3. Calculate the total amount that Madalyn will deposit into the account over the 35 years.
Financial Accounting Intro Concepts Meth/Uses
14th Edition
ISBN:9781285595047
Author:Weil
Publisher:Weil
ChapterA: Appendix - Time Value Of Cash Flows: Compound Interest Concepts And Applications
Section: Chapter Questions
Problem 13E
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Madalyn wants to have $180,000 in her retirement account in 35 years. She found an investment with an APR of 2.05%.
2. How much will she need to deposit each month?
- Write the formula used.
- Show the values substituted into the formula. Calculate the result. Round your answer to the nearest whole cent.
3. Calculate the total amount that Madalyn will deposit into the account over the 35 years.
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